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CEFC China Attends 2017 China Oil and Gas Reform Summit

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The Summit


On the morning of December 20, the 2017 China Oil and Gas Reform Summit (the Summit) was hosted by China Economic Information Service and Shanghai Petroleum and Natural Gas Exchange and co-organized by CEFC China Energy Company Limited (CEFC China) in Shanghai. The Summit was held against the backdrop of profound changes in the international and China’s oil and gas markets which had presented both new opportunities and challenges for China’s oil and gas enterprises. More than 200 well-known experts and scholars from the oil and gas industry and executives from China’s major oil and gas companies were invited to the Summit for discussions on popular industrial issues. Zang Jianjun, Executive Director of CEFC China attended the Summit and delivered a keynote speech. Huang Wenqing, Deputy General Manager of CEFC Shanghai Natural Gas Co., Ltd. joined the roundtable discussion at the Summit.


During the Summit, Zhang Yuqing, former Deputy Director of National Energy Administration, Zhang Yousheng, Deputy Director of the Energy Research Institute under the National Development and Reform Commission (NDRC), Qian Xingkun, Party Secretary of Economic & Technology Research Institute under China National Petroleum Corporation, and Zang Jianjun each delivered a wonderful speech on topics of prospects for growing of China’s natural gas consumption, the pathway and solutions for transformation of China’s energy industry, and new cooperation between China’s central and private oil and gas enterprises under the Belt and Road Initiative.


Zang Jianjun attending the Summit and delivering a keynote speech


Zang Jianjun believes that China’s dependence on oil and natural gas import will continue to grow for a certain period of time. Cooperation in the field of oil and natural gas will remain as an important part in the investment and trade between China and countries along the Belt and Road, which will open up vast opportunities for China’s oil and gas enterprises in their engagement in the Belt and Road Initiative. He noted that under the leadership of Ye Jianming, Board Chairman of CEFC China, the company has been aligning its energy industry layout with the national strategy, and has made great progress in gaining access to overseas oil and gas resources in recent years. CEFC China has so far obtained stable equities and interests of more than 80 million tons of upstream oil and gas resources from Russia, Kazakhstan, the Middle East, Africa, etc. In “going global”, CEFC China keeps innovating its development model, and has achieved a leapfrog development in its overseas business. Particularly, the company has acquired a strategic stake in Rosneft in 2017, contributing to enhancing the mutually beneficial cooperation between China and Russia. Going forward, adopting a strategy of “Rebirth of Oil and Gas”, CEFC China will explore how to promote transformation of conventional energy industry, and develop an energy value chain that integrates natural gas power generation, fine chemical engineering, smart electric power and new energy technologies. Following the new direction of the national strategy of green energy and its new demands, CEFC China is stepping up efforts in obtaining upstream natural gas resources and building an advanced production and processing base for fine chemicals, aiming to occupy a commanding height in the new frontier energy industries.


Huang Wenqin attended the roundtable session

During the roundtable session, Huang Wenqing and guests from the NDRC Price Monitoring Center, China National Petroleum Corporation, China Petrochemical Corporation, China National Offshore Oil Corporation, and China Gas Association had an in-depth discussion about the difficulties and pain points in the reform and development of China’s oil and gas industry, and exchanged views on the solutions. When talking about the natural gas reform system, Huang Wenqing noted that CEFC China had played a leading role among China’s private enterprises in supporting the national oil and gas reserve and would continue to serve the national strategy in the future. He hoped that more market policies would be introduced to encourage private enterprises to enter this field.


The year 2017 has been another “golden period of development” for China’s natural gas industry. Following the policy orientation of “developing natural gas into one of China’s major energies in China’s modern clean energy system”, Chinese oil and gas enterprises are faced with new opportunities and challenges. CEFC China will actively respond to the industrial restructuring and adjust its own strategies. It will constantly push forward international cooperation in the energy sector, and strive for a place in the middle and high ends of the oil and gas value chain for conventional energy industry transformation and industrial structure upgrading, so as to help implement the Belt and Road Initiative and contribute to China’s economic and social development.


Next: Ye Jianming Awarded “Influencing China”Entrepreneur of the Year 2017
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