16-01-09 CPC Corp., Taiwan's state-owned refiner, acquired the rights to search for oil and gas in waters off Belize, one of the 23 countries that maintain diplomatic ties with the island.
CPC signed a contract with the Belize government for a 100 % interest in a 4,800 sq-km (1,853 sq-mile) offshore block, the Taipei-based company said.

The refiner, which has investments in Africa, Southeast Asia, the US, Australia and Latin America, is seeking to cut crude import costs by acquiring overseas oil assets, the company said in the statement. Belize, faced with high foreign debt, is keen to sell stakes in its oil fields to boost government revenue.
CPC in December bought a 30 % share in a Kenyan exploration block from China National Offshore Oil Corp., the parent of Hong Kong-listed CNOOC Ltd. Taiwan imports more than 99 % of its crude oil needs.

Most nations don't have formal relations with the government in Taipei because of objections from China, which considers Taiwan as part of its territory. Belize's external debt reached $ 1.2 bn as of June 2005, the CIA World Factbook showed.
Bordering Mexico and Guatemala, Belize produced an estimated 3,000 barrels of oil a day in 2007 and has 6.7 bn barrels of proven reserves, according to the CIA World Factbook.