TAIWAN’S CHINESE PETROLEUM MIGHT COOPERATE WITH QATAR: MOFA

Asia Pulse; Aug 24, 2005

TAIPEI, Aug 24 Asia Pulse – The state-owned Chinese Petroleum
Corp. (CPC) will actively consider diversifying its oil imports, and
cooperation with Qatar is a possibility, an official of the Ministry
of Foreign Affairs (MOFA) said Tuesday.

Victor Tseng, director-general of MOFA’s Department of West Asian
Affairs, made the remarks amid reports that the China National
Petroleum Corporation, the biggest state-owned company, has agreed to
pay US$4.18 billion to buy a Canadian oil company with substantial
reserves in Kazakhstan, in what would be the largest foreign
acquisition by any Chinese company.

He said that the CPC’s strategy is to diversify its sources of oil
imports. In addition to the Middle East, Taiwanese allies in Africa
will also be possible cooperation partners.

In Central Asia, in addition to a cooperation project with Kazakhstan,
Qatar in the Middle East is also a new target for cooperation, he
said.

Tseng noted that China has an unquenched thirst for oil, and will not
let go of any opportunities to cooperate with other countries
regarding oil exploration.

In West Asia, China has extended its tentacles into Saudi Arabia,
Iran, Kuwait, Kazakhstan, Kuwait, Turkmenistan, Azerbaijan and
Armenia, he said. Taiwan imports well over 90 per cent of its oil,
and gets 70 per cent of this from the Middle East.

“We have a steady supply of oil, and our only worry is soaring oil
prices,” Tseng said.

From: Emil Lazarian | Ararat NewsPress