By John Westbrook
OGJ Correspondent
TAIPEI, June 6 -- Esso Taiwan has suspended the planned expansion of its retail network, citing intense competition from the Chinese Petroleum Corp. and Formosa Petrochemical Corp., along with an 11% import duty on refined products.
Esso Taiwan, a joint venture between ExxonMobil Corp. and Taiwan's Pan Overseas Corp., operates 31 gas stations across the island and had earlier announced plans to open another 19 gas stations by Dec. 31.
At the same time, a company official denied reports by some media outlets that Esso was considering pulling out of Taiwan altogether.
