CPC Faces Price Stabilization Burden; Ministry of Economic Affairs Seeks Legislative Support for Budget and Subsidies

Central News Agency, Taipei, June 1. CPC Corporation held its 80th-anniversary celebration today. Vice Minister of Economic Affairs Lai Chien-hsin stated that since the conflict in the Middle East began, CPC has absorbed NT$16.66 billion in oil prices and NT$4.2 billion in liquefied petroleum gas costs. Since 2021, including industrial natural gas and other petrochemical raw materials, the total absorption has reached NT$140 billion. He expressed hope that the Legislative Yuan would support CPC's business budget and subsidy proposals. Chen Chia-lin, Chairman of the Taiwan Petroleum Workers' Union, noted that while international energy companies have profited from soaring prices, CPC has acted as a national stabilizer, fully cooperating with government policies. He emphasized that CPC's financial situation is severe and that government funding is the most effective solution. CPC Chairman Fang Chen-jen stated after the event that the Executive Yuan is still discussing the subsidy amount, considering the uncertainty of the Middle East conflict and government fiscal conditions. Regarding the NT$350 billion capital increase, it has been approved by the Executive Yuan and the Directorate-General of Budget, Accounting and Statistics, with implementation expected over four years starting from the 2027 budget.