Driving development

CHINESE Petroleum Corporation, Taiwan (CPC) performed admirably in its maiden outing at the ACES Awards, having been nominated in two categories: Asia's Most Influential Companies, and Green Innovation.

CPC is the axis of Taiwan's petrochemicals industry.

The corporation deals 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.

The 70-year-old entity is also responsible for stabilising domestic oil and gas supply and prices, and driving the development of the petrochemical industry.

In response to the Taiwanese government's plan to promote electric vehicles, the company actively establishes charging/exchange stations, invests in green energy battery material R&D, and actively develops renewable energy such as geothermal and solar energy.

CPC lends practical support to the Taiwanese government's Circular Economy policy by turning petrochemical by-products used as fuel - previously regarded as industrial waste - into value-added products.

It also aims to create a win-win situation between economic development and environmental protection by adhering to the principles of sustainable operations in its efforts to overcome the challenge of industrial transformation.

Currently, it is working on transforming conventional gas stations into smart green ones, combining two goals into one initiative by helping promote economic development and environmental protection.

Plans are also underway for CPC to develop the market for both EV charging stations and battery exchange by installing 1,000 electric vehicle charging and battery exchange facilities in gas stations and public areas within three years and introducing big data, smart applications to enable greater connectivity of these facilities to proximate communities.

The petrol giant's environmental protection spending in 2018 was approximately US$258.52 million, including operational, R&D, social activity, loss and compensation cost, fees and taxes.