(Yicai) Nov. 7 -- China National Offshore Oil Corporation, China Petroleum and Chemical, better known as Sinopec, and China National Petroleum Corporation, the country's three biggest oil and gas companies, have signed over USD71.4 billion worth of agreements at the ongoing eighth China International Import Expo.

CNOOC inked deals worth more than USD13 billion, a new record high for the company at one CIIE, the Beijing-based firm announced. The agreements cover crude oil, natural gas, deepwater oil, gas equipment, and other products, as well as advanced technical services.

The Russia-Ukraine and Israel-Palestine conflicts have affected the balance of supply and demand in the global energy market, disrupted the stable operation of the relevant supply chain, and impacted the investment pace in the upstream of the oil and gas industry to a certain extent, intensifying the risks to energy supply security.

CNOOC will deepen multilateral cooperation to build a safe and efficient oil and gas supply system, Chairman Zhang Chuanjiang noted.

Since the first CIIE in 2018, CNOOC has signed import contracts and agreements worth over USD89 billion with more than 100 global suppliers from over 30 countries and regions, the company said. In addition, it has traded over 900 million tons of oil and imported more than 220 million tons of liquefied natural gas, accounting for 43 percent of China's total LNG imports.

Sinopec has signed contracts worth over USD40.9 billion with 34 partners from 17 countries and regions at this year's CIIE, covering 24 products in 10 categories, including crude oil, chemical products, and equipment, it pointed out.

CNPC penned 43 deals with 41 international companies at this CIIE, including Saudi Arabian Oil Company, the world's largest oil producer, TotalEnergies, Schlumberger, and Siemens Energy, with the agreements worth about USD17.5 billion, a steady increase from last year's trade fair, it announced.

CNPC will accelerate the development and utilization of low-carbon technologies, including carbon capture, utilization, and storage, hydrogen energy, and solar energy, General Manager Zhou Xinhuai pointed out. It will also further intensify green equipment, green finance, and green infrastructure alliances, Zhou added.

This year's six-day CIIE, which is being held at the National Exhibition and Convention Center through Nov. 10, has gathered more than 4,100 foreign companies in an exhibition area spanning more than 430,000 square meters, both new records. 

Editor: Martin Kadiev