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Zhenhua Oil takes part in Belt & Road Initiative roundtable

PublishTime:2017-06-13 Hits:632

Immediately after the Belt and Road Forum for International Cooperation, a roundtable on oil and gas cooperation organized by PetroChina for countries involved in the China-led initiative was held in Beijing on May 16.

The event attracted some 20 participants including officials from the National Energy Administration and the International Energy Agency as well as senior executives from international oil companies and financial institutions. They held deep exchanges on new modes and mechanisms of oil and gas cooperation along the Belt and Road, shared their ideas of how to deepen such cooperation, and reached consensus on win-win cooperation through discussion, collaboration and sharing. Yuan Jun, general manager of Zhenhua Oil, attended the roundtable on behalf of the company.

Specifically, they exchanged ideas extensively and deeply about and reached consensus on policy communication, technical standards, cross-border pipeline operation and connectivity, oil and gas projects and their operation and management, energy and financial cooperation, security and anti-terrorism mechanisms about oil and gas work, as well as data and information sharing in oil and gas cooperation.

Yuan proposed six suggestions about promoting deeper, wider and higher-level cooperation among Belt and Road partners and building important nodes along the route.

First, building a system of oil and gas inter-connectivity along the route to improve the efficiency of regional operation. Yuan suggested that China should continue to maintain safe, efficient and smooth cooperation with host countries for co-development of oil and gas resources and win-win results.

Second, promoting policy coordination. He proposed that China should coordinate major policies, technical and industrial standards about oil and gas cooperation among the Belt and Road partners, especially in terms of cutting operating costs of global oil and gas projects under the context of low oil price.

Third, exporting oil and gas equipment and services to seek industrial upgrading. China’s oil and gas equipment manufacturing industry has achieved preliminary results in its going global strategy but still lags far behind those in developed countries, so it should further enhance its competitiveness and get prepared for future international competition.

Fourth, promoting integration of industrial capital and financial capital. Yuan called for building a system that allows investment of different countries in large oil and gas cooperative projects and establishing a multilateral financial platform to support such projects. He also suggested deepening cooperation with Chinese and foreign financial institutions and capital and promoting cooperation among countries concerned in currency swap, investment and financing platforms and exploring new modes of capital operation.

Fifth, strengthening information sharing in terms of security, anti-terrorism efforts and markets. Yuan called for building an effective regional risk control system as well as bilateral and multilateral system in terms of contingent coordination to ensure safe, smooth and long-term operation of oil and gas cooperative projects.

Sixth, holding regular roundtables to strengthen communication and information sharing among companies.

The roundtable was a meeting to share thoughts and seek consensus. Participants reached consensus on responsibility, compliance, benefits, standards, risks and cooperation. It is believed that oil and gas cooperation will generate fruitful results as long as they firmly establish the concept of mutual benefit and win-win cooperation, collaboration and sharing.