International energy cooperation a hot topic at IPEC 2018

A parallel session concerning international cooperation for the oil and gas industry takes place at IPEC 2018 in Zhoushan, Zhejiang province on Oct 18. [Photo/chinadaily.com.cn]

Hundreds of oil and gas industry insiders gathered in Zhoushan, Zhejiang province on Oct 18 to seek cooperation at the second International Petroleum and Natural Gas Enterprises Conference (IPEC).

At a parallel session themed on the Belt and Road Initiative (BRI) and international cooperation, eight senior officials from the world's oil and gas companies shared their views on the industry from the perspectives of future shifts of energy hubs, crude supply and trading, the US LNG (Liquefied Natural Gas) business model, fintech innovations, the Chinese oil market, cooperation in the BRI, and global strategic opportunities. 

Thomas Waymel, president of Total's Trading and Shipping division, explained the rising position of China in the global oil market and said that the shift of energy hubs in Asia is leading to increasing cooperation in international trade. 

On the day, Total signed an agreement with Zhejiang Provincial Petroleum Co Ltd (ZPP), a joint venture owned by Zhejiang Provincial Energy Group Co Ltd and Zhejiang Petroleum & Chemical Co Ltd, as well as the special partner of the parallel session, to increase investment in the Zhejiang company's fuel oil business. 

Thomas Martenak, global crude oil marketing manager of ExxonMobil Sales & Supply LLC, shared his insight on the world's current crude oil market, including the demand and supply conditions, and the global trends. 

LNG is a kind of clean energy used to replace petroleum and is a focus of China (Zhejiang) Pilot Free Trade Zone (FTZ) as well. 

A speech on LNG was given by Maggie Jia, chief representative at the Beijing Representative Office of Cheniere Energy. Cheniere opened an office in China earlier this year to crack the LNG market in China. Jia introduced the business model and advantages of the LNG industry in the United States, which brought in a new angle for attending participants.

Fan Xiaoning, chairman of ZPP, displayed the achievements of the 1-year-old company since it was founded in September 2017 and looked to seek global opportunities. "Nowadays, we are embracing new opportunities to develop the oil and gas industry and promote international cooperation in China," said Fan, expressing his hope of deepening cooperation with global peers.

The establishment of ZPP was initiated by the Zhejiang provincial government for the purpose of building a complete industrial chain of oil and gas products in Zhejiang FTZ, according to Tong Yahui, chairman of Zhejiang Provincial Energy Group, the parent company of ZPP. Tong said they will play a leading role in the development of Zhejiang FTZ and actively involve themselves in the core missions of the zone.