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State-run refinery prepares IPO

TAIPEI -- State-run oil refiner CPC Corp., Taiwan will release public stocks gradually and submit a privatization proposal to the authorities in 2014, Economics Minister Shih Yen-shiang said Friday.

“We will follow the examples of China Steel Corp. and Chunghwa Telecom Co. by privatizing CPC gradually,” the minister said.

According to the plan, CPC plans by the end of June 2013 to revise its privatization proposal, select a financial consultant and study the feasibility of spinning off its oil refinery and gas distribution, while retaining its oil exploration operations.

However, Shih noted that the company's labor union has already expressed opposition to CPC's privatization, and said the company will do its utmost to reach a mutual agreement.

In 2014, the revised privatization proposal will be sent to both the Cabinet and the Legislature for deliberation, and CPC will release 51 percent of its stocks within three years of the proposal passing legislative deliberation.

China Steel, one of Taiwan's leading steel makers, was privatized in 1995, while Chunghwa Telecom, the country's largest telecom service provider, was privatized in 2005.

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