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.