To break away from the saturated domestic market in Taiwan; CPC Corp., Taiwan’s state-owned petroleum and gasoline supplier plans to set up a foreign trade department by the end of the year. The company plans to tap the global market, aiming to raise export revenue to 30% of the total in the next 5 to 7 years. The foreign trade department will engage in imports and exports of gasoline and petrochemical products and exploring foreign markets to sell CPC products worldwide.
Currently, Taiwan’s market is dominated by CPC and Formosa Petrochemical Co., making it imperative for CPC to explore newer markets. Also, gasoline demand is expected to inevitably shrink in Taiwan in the future, partly because manufacturing is shifting offshore and partly because of the growing trend of gasoline-saving hybrid cars.