Taiwan invests in SE Asia

Taiwan invests in SE Asia

TAIPEI (Dow Jones): Taiwan's state-run oil monopoly Chinese Petroleum Corp has earmarked more than US$130 million in fiscal 1999 for investments in Vietnam and Malaysia, an official at the company said yesterday.

Fiscal 1999 started on July 1. Chinese Petroleum is investing more than US$30 million, or a 45 percent stake, in a lubricant blending unit in Vietnam, said Chen Li-way, press coordination manager at Chinese Petroleum.

In a joint venture with international partners including Malaysia's national petroleum company, Petronas Bhd., Chinese Petroleum is also investing some US$100 million in a lubricant base oil plant in Malaysia, Chen said.

The Southeast Asian plan was suspended two years ago because the company wanted to concentrate on domestic investments. However, faced with increasing competition at home, the company is now looking to expand abroad.