ExxonMobil moves to enter newly opened Taiwanese market

By an OGJ Online Correspondent

TAIPEI, Mar. 3 -- ExxonMobil Corp. applied for a license to market its refined products in Taiwan and is negotiating with state-run Chinese Petroleum Corp to use that company's facilities to process imported oil, once ExxonMobil gains a certain share of the market.

According to a statement accredited to CPC Chairman Regis W. Chen, ExxonMobil plans to buy products from CPC for resale in Taiwan until the US-based supermajor secures a foothold in that market. Once established, ExxonMobil plans to begin local production using CPC's facilities.

ExxonMobil is moving quickly to establish a presence in the Taiwanese market, which was recently opened to foreign competitors. It established a joint venture with Taiwan's Pan Overseas Corp. to import ExxonMobil products into Taiwan.

That venture might be granted an import license this month at the earliest. Meanwhile, the JV has set up seven storage tanks at Taichung Harbor in central Taiwan.