Economic review

China to expand oil, gas cooperation with B&R countries

2017-05-16 20:51:00 (Beijing Time)         Xinhua

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China is looking to step up oil and gas cooperation with countries and regions along the Belt and Road, according to the country's oil giant. [Special coverage]

At a round-table conference Tuesday, Wang Yilin, chairman of the China National Petroleum Corporation (CNPC), proposed that a mechanism be set up to facilitate regular exchanges of ideas among Belt and Road countries on oil and gas cooperation.

"An oil and gas community with shared benefits will not only be important to countries and regions along the routes, but it will also benefit the whole world in terms of economic prosperity and energy safety," Wang said at the conference.

Regional natural gas connectivity should be strengthened, the construction of the Asian oil and gas trading center should be pushed forward, and a social public welfare fund should be set up to facilitate such cooperation, Wang proposed.

So far, CNPC has participated and managed 50 oil and gas investment projects in 19 countries and regions along the Belt and Road. By the end of 2016, CNPC had invested more than 51 billion U.S. dollars in areas along the routes, and created more than 80,000 long-term jobs for local residents.