PetroChina Looks to Expand Cooperation with Belt and Road Countries

Yicai

2017-05-17

(Yicai Global) May 17 -- China National Petroleum Corporation, which owns PetroChina Co. [SHA:601857], is looking forward to collaborating with domestic and foreign companies to further expand cooperation in the oil and gas sectors along the One Belt, One Road route, Wang Yilin, chairman, said at the Belt and Road Roundtable for oil and gas cooperation held yesterday.

“Building a community connected by gas and oil exploration and investment cooperation has significant implications for prosperity and energy security in Belt and Road countries and regions,” he said. “It will also contribute positively to worldwide economic and energy security development.”

At the meeting, Wang proposed to introduce a regular communication vessel to promote regional interconnection for natural gas development, fuel the establishment of an Asian oil and gas trading center and set up a dedicated social welfare fund.

CNPC has invested in, or manages, 50 oil and gas projects in 19 countries along the Belt and Road. It has taken part in a diverse range of oil and gas trades, engineering services and capacity cooperation initiatives for oil equipment manufacturing, and expanded its business coverage to include up-, middle- and downstream segments. As of the end of last year, the company had invested more than USD51 billion in One Belt, One Road countries and regions, with its equity in oil and gas firms responsible for the production of almost 60 million tons of fuel. It has created more than 80,000 permanent jobs in the countries while contributing to local public welfare projects in all destinations, benefiting some two million people in total.

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