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OPEC bulletin 10/17

OPEC attends inaugural high-level

oil and gas conference in China

OPEC attended the 1

st

International Petroleum and Natural Gas Enterprises

Conference, which took place in Hangzhou, capital of Zhejiang province, in

China from September 17–19.

T

he Conference was jointly hosted by the Zhejiang Provincial

People’s Government, the General Office of the China

(Zhejiang) Pilot Free Trade Zone (FTZ) Leadership Group,

the China (Zhejiang) Pilot Free Trade Zone Management Committee

and the China Petroleum Circulation Association, and took place at

Hangzhou International Expo Centre.

According to conference organizers, the Zhejiang FTZ is a

regional free trade zone launched by the Chinese government in

the Zhejiang Zhoushan Archipelago New Area. It is the only FTZ in

China that covers both land and anchorage area, a frontier as China

reaches towards the Pacific Rim economic circle, and an important

window for China to engage with countries along the ‘Belt and

Road’.

The ‘Belt and Road’ refers to the Silk Road Economic Belt and

the 21

st

-century Maritime Silk Road, better known as the One Belt

and One Road Initiative (OBOR), a development strategy that

focuses on connectivity and cooperation between Eurasian coun-

tries, primarily the People’s Republic of China (PRC), the land-based

Silk Road Economic Belt (SREB) and the ocean-going Maritime Silk

Road (MSR).

Institutional innovation is seen as the core of the FTZ, and

it will adapt the latest trends in global economic development,

striving to become a world-class FTZ, a pioneer of international

commodity trade liberalization and a resource allocation base of

worldwide influence.

The FTZ has an area of 119.95 square kilometres and boasts

rich port and coastline resources and a strong industrial founda-

tion, making it “well-positioned to focus on petroleum products,

whole industrial chain investment facilitation and trade liberaliza-

tion, as well as to make overall improvements in global allocation

capability for bulk commodities with petroleum products at the

core,” according to the organizers.

China hopes the Zhejiang Pilot FTZ is going to be an outstand-

ing model and major attraction for world-class technologies, capi-

tal and people, they said.

The Conference aimed to,

inter alia,

assist the government

in achieving innovation and cooperation in petroleum products

through whole industrial chain investment facilitation and trade

liberalization; support the government’s aim to build a world-re-

nowned integrated refining and petrochemical complex, bunkering

and storage facilities in Zhoushan, Zhejiang Province; and provide

much-needed aid to build a new cooperation platform for oil busi-

nesses from all over the world with a host of events including high-

level forums, dialogues, business tours and negotiations.

Hangzhou, the capital of Zhejiang province in China, venue of the 1

st

International Petroleum and Natural Gas Enterprises Conference.

Shutterstock

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