(Ninth China International Import Expo) ConocoPhillips executive: China’s energy policy is encouraging

China News Service, Shanghai, November 8 (Tao Siyue) The global energy market is currently facing challenges. Markel Hübinette, global vice president of ConocoPhillips and president of ConocoPhillips China, said at the 9th China International Import Expo that China's economic growth has brought strong demand to the energy industry, and its energy policy is encouraging.

Talking about the global energy industry, he admitted that the industry is highly cyclical. At this time last year, few people could have predicted that oil transportation through the Strait of Hormuz would be so severely impacted. But since then, global energy markets have demonstrated strong resilience and adaptability.

Hu Kaicheng said that by using commercial inventories, releasing strategic oil reserves and moderately reducing refinery operations, the market has largely hedged and digested the supply gap in the Middle East. However, the current global refined oil inventory still faces severe challenges. It is of great significance to ensure energy security, maintain solid and resilient partnerships, and promote the construction of a diversified supply system.

"For multinational companies like us operating in China, China's economy continues to grow and the market is full of vitality, which makes us full of confidence." Hu Kaicheng also mentioned that China's policies emphasize energy security, building a cleaner and more efficient energy system, and continuing to deepen international cooperation. He is encouraged by this forward-looking policy orientation and sees the direction of collaborative cooperation.

He introduced that ConocoPhillips has been deeply involved in the Chinese market for 45 years and jointly discovered and developed two offshore oil fields in China with China National Offshore Oil Corporation. Up to now, the two parties have invested more than 150 billion yuan in total and jointly built 19 offshore platforms and a 300,000-ton offshore floating production and storage tanker (FPSO). At the same time, ConocoPhillips supplies approximately 10 million tons of liquefied natural gas to China annually through its global joint venture projects.

Looking back on the process of participating in the CIIE five times, Hu Kaicheng personally felt three significant changes brought about by the CIIE: the "circle of friends" is getting larger and larger, the "forwardness" is getting stronger, and the "inclusiveness" is getting higher and higher. At this CIIE, ConocoPhillips looks forward to exploring cooperation opportunities in the field of oil and gas exploration and development and the supply of crude oil, liquefied natural gas, and liquefied petroleum gas.

He said that the CIIE is a "booster" to continue to deepen cooperation and explore new opportunities. He hopes to take this opportunity to explore cooperation opportunities in the Chinese market and, on the premise of strictly complying with all applicable laws and regulations, work with Chinese partners to continue to deepen cooperation in areas such as engineering design, procurement, and supply chain collaboration.

From a business perspective, he believes that energy trade and investment are an important part of the economic and trade relations between countries. Strengthening exchanges and collaboration between enterprises from both sides in the energy field is a valuable way to enhance understanding and achieve mutual benefit. "Next year marks the 10th anniversary of the CIIE, and we are eagerly looking forward to attending the event again, gathering with old and new friends again, and exploring more new opportunities for cooperation." Hu Kaicheng said.