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China's petroleum, chemical sector embraces "Belt and Road" initiative

2015-09-17 16:30

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China Petroleum and Chemical Industry Federation (CPCIF) would work to attain importance to the "Belt and Road" initiatives in the five-year development plan of petroleum and gas sector in 2016-2020, said Zhao Jungui, vice president of CPCIF on Thursday.

Speaking at an industrial meeting in Shanghai, Zhao said the government attains high priority to energy and chemical industry in international production capacity cooperation. "We would roll out a batch of key cooperation projects, open new markets and foster a batch of quality enterprises to form and optimize global deployment in petroleum and chemical industry, hammer new strengths in foreign trade and improve international cooperation, " said Zhao.

Chinese petroleum and chemical sector has entered a period of structural adjustment, industrial upgrading and green development and international cooperation of production capacity is a must to defuse overcapacity, deal with new normal in economic growth and improve competitiveness, according to Zhao.

A draft of development plan with petroleum and chemical sector has taken shape and the development is expected to come out in early 2016. Firstly, China's petroleum and chemical industry needs to reinforce oversees supply capacity of oil and gas and cooperation with the Central Asian countries and Russia would be highlighted, said Zhao.

Cooperation with the Middle East would be expanded with the formation of main risk exploration area. Secondly, China needs to push forward cooperation along the whole industry chain by taking China's advantage in refining.

Relevant cooperation should be cemented in ASEAN countries and pushed ahead in the Middle East. Overseas light hydrocarbon resources should be fully used and China's technologies, equipment and engineering on coal processing should go global.

Efforts would be made to build multiple overseas petrochemical industry parks and transfer integrated industry chains. Thirdly, China shall proactively participate into expansion projects of refining and upgrading in Saudi Arabia, India, Russia, UAE, Kuwait, Oman, Vietnam and other countries. In regards of engineering and equipment cooperation, market share in the Middle East, the Central Asia and Africa should be reinforced.

Efforts would be made to participate in infrastructure projects on storage, transmission, ports, electricity and others along the Silk Road Economic Belt and the 21st Century Maritime Silk Road and promote adoption of China's standards.

Fourthly, China needs to foster strengths in foreign trade and transform from an exporter of resources, raw materials and primary products to an exporter of deeply-proceed and fine products. Overseas marketing and after-sales service network should be established.

China also needs to develop new modes of foreign trade and transnational e-commerce, proactively deal with regional free trade arrangements and speed up designing and development of relevant financial products.

The internationalization of China's petrochemical industry shall gear up to the development situation of domestic petrochemical sector and labor of international industries and require joint efforts of enterprises, industries and government, said Zhao.

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