China National Petroleum Corp,a leading oil and gas supplier inthe country, is making efforts to improve its overseas business with higher quality and increased efficiency, according to participants in a corporate meeting held Oct 30-31in Beijing.
A new CNPC plan aims to help the State-owned oil giant grow into a world-class integrated energygroup, better serve the Belt andRoad Initiative and ensure China’senergy security. CNPC has witnessed continuous progress in the development of its overseas oil and gas business over the past 25 years. It has built five oil and gas cooperation zones, four cross-border oil and gas supply channels and three international oil and gas operation hubs.
CNPC now operates overseas business covering both upstream and downstream of the industrial chain, with oil exploration and extraction as its core services.
It also boasts a group of highquality, international talented staff members.
Wang Yilin, chairman of CNPC, called for a stronger sense of responsibility at the meeting to optimize the development of overseas business, which he said was a fundamental way to consolidate and expand the group’s current achievements and to tackle its development problems.
“CNPC should attach equal importance to developing oil and gas sectors, and pour more resources into the downstream business and the research into cutting-edge technologies, in a bid to form an overseas business mechanism that features high-quality assets, improved structures, efficient management and controlled risks.”
CNPC also intends to adjust its cooperation focus in different countries and regions. The company plans to take Central-Asia and Russia as its core oil and gas cooperation zone of the Belt and Road Initiative; take Africa as its most influential overseas partner in conventional oil and gas cooperation; the Americas as its unconventional oil and gas development and cooperation area; and Asia-Pacific as its most important natural gas cooperation region.
Cultivation of core competenceis also important, Wang said, noting that CNPC should enhance its management and control on the investment side to continuously reduce costs and expand channels for more profits.
The group should also focus on the development of professional and international business negotiation teams, and pay more attention to overseas technological support,Wang said.