Taiwan, Mainland Set up Oil Joint Venture

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Last updated at: (Beijing Time) Friday, May 17, 2002

Taiwan, Mainland Set up Oil Joint Venture

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The Taiwan-based Chinese Petroleum Corp, through its Shanghai subsidiary Overseas Petroleum & Investment Corp., signed an agreement with mainland's China National Offshore Oil Corp (CNOOC) on May 16 for setting up a joint venture for tapping oil and natural gas.

This will be the first large-scale joint venture established between a Taiwan corporation and a mainland oil enterprise administered at a central level.

The joint venture, registered with the British Virgin Islands, will invest US$25 million in coming four years to drill three test wells at the Tainan basin of the Taiwan Straits, according to the Taiwan partner.

The two corporations studied the area in past two years and found possible oil and natural gas reserves in some places.

If oil is found in the tapping area and economically permitted, the two corporations would go to fifty-fifty with the oil and natural gas tapped out. The Taiwan side will be responsible for the finance of the joint venture while mainland side in charge of business operation.

By PD Online Staff Member Li Heng

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