By an OGJ correspondent
TAIPEI, July 23 -- Taiwan's state-owned CPC Corp. on July 17 signed a memorandum of understanding with Canadian-based Indian Oilsands Corp., paving the way for a possible partnership on oil sands development in Alberta. CPC Vice-Pres. Arthur Kung and Indian Oilsands representative Ken Thomas signed the MOU in Taipei.
CPC plans to budget $792 million ($24 billion Taiwanese dollars) for a 5-year exploration program. Company officials say the project is part of an effort to diversify energy sources and stabilize domestic energy supplies in face of the continued rise in global oil prices.
Formosa Petrochemical Corp., a member of the Formosa Plastics Group, is also studying a plan to tap Canada's oil sands and intends to send an inspection delegation to Alberta.