Taiwan's state-run Chinese Petroleum Corp said yesterday it is planning an NT$150 billion (US$4.67 billion) investment to expand its natural gas storage capacity.
Upon completion of the 10-year project, the CPC expects natural gas storage capacity to increase to 19 million metric tons from current about 7.0 million metric tons, a company spokeswoman said.
"The plan aims to meet a rise in domestic demand for natural gas as Taiwan is trying hard to reduce dioxide emission for environmental protection," she said.
According to a forecast by the Energy Bureau, Taiwan's natural gas consumption is expected to increase to 13 million metric tons in 2010 and to 16 million to 20 million metric tons in 2020 from 7.63 million metric tons in 2004.
The investment plan, which requires parliament's final approval, will include a natural gas receiving terminal in northern Taiwan, 10 storage tanks and other related facilities.
Currently, the company operates three natural gas storage tanks and one receiving terminal in Yungan, southern Taiwan. Another receiving terminal is under construction in the central Taichung harbor.