Intl petroleum enterprise conference opens in Zhoushan

The 2nd International Petroleum and Natural Gas Enterprises Conference commences in Zhoushan, Zhejiang province this morning (Oct 18). [Photo provided to chinadaily.com.cn]

The 2nd International Petroleum and Natural Gas Enterprises Conference (IPEC 2018), themed on "Vision and Actions on Promoting Open, Inclusive and Win-win Oil and Gas Cooperation with Belt and Road Countries", commenced in Zhoushan, Zhejiang province on Thursday morning. 

More than 800 representatives of 266 enterprises from 30 countries and regions attended the conference, including those from 57 Fortune Global 500 companies and 97 well-known enterprises at home and abroad. 

Yuan Jiajun, governor of Zhejiang, said the construction of the province's oil and gas industrial chain in China (Zhejiang) Free Trade Zone (FTZ) has been in the fast lane. "Creating a complete chain of oil products is a vital measure Zhejiang has taken to open wider to the world and we look forward to more opportunities," Yuan said in his address to IPEC 2018. 

Meanwhile, the governor also introduced the innovative measures the province has made to provide quality administrative services for foreign enterprises. 

At the plenary session, senior officials from the world's oil and gas magnates such as Saudi Aramco, Honeywell and British Petroleum (BP) shared their insights on the development trends of the industry and expressed their expectations on further exchanges and cooperation with Zhoushan, Zhejiang and China as a whole. 

The world's biggest energy company Saudi Aramco is China's largest source of crude oil. Abdulaziz M.AI-Judaimi, the senior vice president of Downstream for Saudi Aramco, said that China is not only a market, but a strategic partner. 

Janet Kong, CEO of BP Supply & Trading East Hemisphere said the British company has been forming all-round partnership with China in the oil industry in recent years and based on the possible changes that may take place over the next few years, Kong shared her views on the challenges and opportunities in China's oil market. 

Agreements on 25 major projects worth 165.6 billion yuan ($23.87 billion) were signed at the end of the plenary session. These projects, including 20 industrial projects and 5 procurement ones, cover the fields of oil storage and transport, oil trade, and petrochemical and it is hoped they will boost the development of Zhejiang FTZ.