China Calls For Greater Access To The Oil Sector

14/10/2019

 

 

At a meeting of the National Energy Commission in Beijing, Premier Li Keqiang stressed the need for China to diversify oil supplies

 

 

Oil still has its enormous importance in world trade and, for a country like China, ensuring access to gas and oil is essential to sustaining its enormous economy. Reiterating this was Premier Li Keqiang, who on Friday, at a meeting of the National Energy Commission in Beijing, stressed the importance of diversifying the country’s energy supply and improving its energy security.

To this end, the Premier invited those present to the conference to further expand China’s access to the market in the energy sector, in particular for the exploration and exploitation of oil and gas and the development of pipeline networks.

Among the objectives, there is also that of encouraging greater participation of market players and to do so, a market-oriented reform in the energy sector is envisaged. This reform, the Premier said, must be deepened so that various actors and companies can take part in the development of liquefied natural gas terminals, natural gas storage facilities and energy distribution and sales services.

 

According to the Premier China remains a developing country

 

To improve the business environment, Li also stressed the importance of reducing the time it takes companies to get electricity. To this end, Li has stated that a mechanism must be established under which energy prices are determined by the market.

These advances are possible with advances in core technologies and key equipment in energy exploration and exploitation. Furthermore, the commercialization of cutting-edge energy and hydrogen storage technologies must be better explored and the development of new industries and Internet-based business models must be encouraged.

For China, energy supply is a long-term strategic task because coal remains China’s main energy resource and it is important to draw up valid plans for its exploitation.

 

China, as the leading country in energy consumption, has enormous potential for energy savings

 

Furthermore, the fight against climate change is also envisaged and Li stressed the need to promote safe and green exploitation of fossil fuels, develop clean energy for coal and improve the use of coal gas.

The premier has requested greater openness in the energy sector to allow for favourable results and a more diversified international cooperation in the hydrocarbon sector.

Industries such as the chemical, transport and heavy construction industries need to be transformed for energy-saving purposes and the energy efficiency of general-purpose equipment needs to be improved, he said.

 

 

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