Taiwan 's CPC joins Sinopec in Myanmar venture

Taiwan's state oil supplier CPC Corp. said Thursday it had bought a 30 percent stake in a project launched by China's oil giant Sinopec to tap gas reserves in Myanmar.

In a statement CPC said the company and International Petroleum Exploration and Production Corp (SIPC), a wholly-owned subsidiary of Sinopec, signed the contract Wednesday.

While declining to specify the investment value, it said the contract allows CPC to obtain a 30 percent stake from the SIPC project, which already struck six exploration wells.

CPC supplies about 700,000 barrels of crude oil a day, or about 60 percent of Taiwan's daily demand.

The island produces just one percent of its own daily oil needs and is dependent on imports mainly from the Middle East and Africa.

CPC currently has investments in 23 mining blocks in eight countries including Ecuador, Australia, and Niger.