Taiwan’s CPC Corp. to form an alliance with Japan’s Mitsubishi

23-Feb-12

In a bid to gain better access to raw materials and technologies, Taiwan’s state-run oil refiner CPC Corp. will enter into a strategic alliance with Japan's Mitsubishi Corp. Hwang Dang-hsiang, the head of CPC Corp.'s Petrochemical Business Division, and Tatsuya Kiyoshi, Mitsubishi's senior vice president, signed a letter of intent to form the alliance on behalf of their companies. The alliance will give CPC an overseas research and development partner for the first time. CPC also hopes to be able to obtain raw materials and patented technologies through Mitsubishi's global trade network to support a plan to tap into the downstream side of the petrochemical business. Also, the two companies intend to step up their exchange of information on market conditions and trends in petrochemical product development.