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Chinese oil companies sign deals worth nearly $100 billion during the China International Import Expo.

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2022-02-18

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Abstract

According to data from the China International Import Expo, four Chinese oil and gas companies—China National Petroleum

According to data from the China International Import Expo, four major Chinese oil and gas companies—China National Petroleum Corporation, Sinopec Group, CNOOC Limited, and Sinochem Group—signed import agreements totaling $96.1 billion with exhibitors during the event. Adding in other smaller and mid-sized oil and gas firms, the total value of deals inked by China’s oil and gas enterprises at this year’s expo approached nearly $100 billion. Notably, China National Petroleum Corporation struck cooperation agreements worth $29.2 billion with 23 internationally renowned suppliers, while Sinochem Group secured partnerships totaling $11.3 billion with 17 key partners. Meanwhile, Sinopec signed procurement deals worth $45.6 billion with 48 suppliers, and CNOOC finalized import agreements worth $10 billion, including collaborations with Siemens and other global leaders. Experts widely believe that China’s massive demand for oil and gas, coupled with its abundant resource potential, will provide a stable market for international partners, creating vast opportunities for collaboration across the globe. This, in turn, is expected to accelerate the development of a new era of global oil and gas trade cooperation.

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