Taiwan’s CPC Corp. expects huge losses in 2011

Taiwan’s state oil company, CPC Corp., Taiwan, said it expects to post huge losses in 2011 because the company had to share the cost of high crude oil prices with the government in order to stabilize domestic consumer prices. CPC said losses could amount to NT$8 billion (US$264 million) in December alone, which would bring its total losses in 2011 to more than NT$40 billion (US$1.352 million). (January 2, 2012)