Established in Shanghai on June 1st, 1946, Chinese Petroleum Corp. (CPC) was funded and operated by the government under the direction of the Resources Committee (the forerunner of the State-Owned Enterprise Commission, Ministry of Economic Affairs). In 1949 CPC followed the government in relocating to Taiwan, setting up headquarters in Taipei under the direction of the Ministry of Economic Affairs. With service facilities covering the whole nation, its operations today include the import, exploration, development, refining, transport, marketing, and sale of petroleum and natural gas, as well as the production and supply of petrochemicals. At its 550th meeting in February 2007 the Board of Directors approved a change in the name of this company from Chinese Petroleum Corporation to CPC Corporation, Taiwan, retaining its "Chinese Petroleum" name in Chinese, its logo, and its "CPC" name in English. The objectives of this change were to expand the firm's international business, reinforce the principle of keeping roots in Taiwan, and extending the precious reputation that our company has built up over the decades. CPC's total capital stands at NT$130.1 billion, and its total revenues in 2011 amounted to NT$1.03 trillion.