Page 6 - CPC 2018 Annual Report

4 CPC Corporation, Taiwan 2018
1946 1949 2007
CPC was formally established in Shanghai on June 1,
1946. It was in the beginning subordinate to the then Council of Resources (the predecessor of today’s State- owned Enterprise Commission, Ministry of Economic Affairs).
After the ROC government’s relocation to Taiwan
in 1949 its headquarters was set up in Taipei
and its allegiance transferred to the Ministry of Economic Affairs. Its scope of business, carried out in workplaces throughout Taiwan, primarily comes down to dealing with oil and natural gas: exploration and production, procurement and imports, refining, storage and transportation, marketing and sales and the production of petrochemical raw materials.
At the 550th meeting of the Board of Directors in February 2007 the original English name Chinese Petroleum Corporation was officially changed
to CPC Corporation, Taiwan, with the former title preserved in vestigial form in the abbreviated prefix.
SUSTAINABLE DEVELOPMENT
CPC ALIGNS WITH FORWARD-LOOKING TRENDS:
BRINGING PROGRESS TO THE ECONOMY, THE ENVIRONMENT AND THE COMMUNITY
POWERING ECONOMIC DEVELOPMENT FULFILLING CSR COMMITMENTS
CPC has for many years ensured a consistently stable supply of crude oil and natural gas to both meet domestic demand for raw energy as well as refined products and to drive development in the petrochemicals sector. That has helped bring about Taiwan’s soaring economic growth, which in turn has brought prosperity to the people – achievements for which the company has earned praise from all quarters. Over the past two decades, following the liberalization of the domestic market for refined products, CPC has consolidated its operational advantages as well as sharpening and deepening its competitive strengths. Going beyond streamlining its human resources and a systematic engagement with organizational re-engineering, the company is continually looking for ways to reduce its production costs and to infuse its operations with an entrepreneurial spirit. Driven by the ambition to become an internationally-competitive energy group holistically encompassing oil and gas exploration and production, petrochemicals and advanced technologies, CPC actively seeks opportunities for cooperation with major international oil companies that will expand both its upstream scope of business and its downstream marketing channels. In that way it will be able to go on providing Taiwan's citizens with high-quality, value-for-money energy products and services as well as raising its profile internationally.
While CPC is a profit-seeking state-owned enterprise, it is always and everywhere it works conscious that it is a member of the local community. As such, it strives to serve as a good corporate citizen and one that takes its CSR obligations to heart. While over the years continually improving the quality of its products, it has at the same time - and as part of its environmental-protection efforts - introduced and promoted clean energy in the form of imported liquefied natural gas (LNG). Further, and in keeping with its belief in the role of delivering convenience and beneficial service to people wherever they may be regardless of the cost involved, CPC ensures provision of all of the fuel needed by both the military forces and civilians in Taiwan's remote areas and offshore islands.
Over the years CPC has been conscientiously active in areas of social concern - promoting public understanding of the petroleum industry, educating consumers in the safe use of gasoline and natural gas, conducting seminars on energy-saving and reducing the carbon footprint, running industrial health and safety workshops and providing leadership to other businesses in the energy sector in the common pursuit of sustainable development. In terms of community involvement, CPC has supported disadvantaged groups, participated in social-welfare activities, funded arts and cultural initiatives and sponsored elite athletes. Its public service role also includes putting in place environmental protection measures around its workplaces, supporting economic and