On November 8, the 10th China International Oil and Gas Trade Congress (CIOGTC) was held in Shanghai. The congress, hosted by the Trade Development Bureau of the Ministry of Commerce, was jointly supported by the Ministry of Commerce of China, the National Energy Administration and the Shanghai Municipal People’s Government. Vice Minister of Commerce Ren Hongbin, Deputy Mayor of Shanghai Municipal People’s Government Zong Ming and leaders of domestic and foreign oil and gas companies attended and addressed the Congress. The Congress was moderated by the Director General of the Trade Development Bureau of the Ministry of Commerce Wu Zhengping.

Vice Minister Ren said that over the last decade, in the spirit of “enhancing communication and promoting mutual benefit”, the CIOGTC has developed into an international platform for exchanges and win-win outcomes in the oil and gas industry, playing an active role in enhancing international energy cooperation and connecting China with the rest of the world.

Vice Minister Ren pointed out that in the keynote speech at the opening ceremony of the fourth China International Import Expo, President Xi Jinping stressed that we will not change our resolve to open wider at a high standard; we will not change our determination to share development opportunities with the rest of the world; and we will not change our commitment to an economic globalization that is more open, inclusive, balanced and beneficial for all. In pursuit of opening up and development, China and the world have deepened the mutually beneficial cooperation on oil and gas trade. Moving ahead, China stands ready to step up cooperation with all sides, collectively take part in the global energy governance, shore up the stability of global energy market, thus injecting sustained impetus into the world economic recovery and growth.

With the uncertainties of COVID-19 and slow recovery of global economy, the landscape of international oil and gas trade is undergoing profound changes. This year, the CIOGTC has followed the overarching trend of the time and responded to the needs of the industry. Themed on “building up new momentum to empower green and innovative development of international trade of oil and gas”, the CIOGTC has focused on deepened oil and gas cooperation and the green and low-carbon transition, built up new consensus, forged new synergy, jointly tackled the profound changes in the energy sector and advanced its sustainable development.

The Congress was held in a hybrid form of both online and on-site participation by nearly 500 representatives of world renowned oil and gas companies, trade and shipping companies, financial and information agencies and academic research institutions from 14 countries and regions (150 participants attended the event on-site). In four sections－the opening ceremony, keynote speeches, panel discussions and supporting events, participants had in-depth exchanges of views on the new opportunities of regional oil and natural gas trade cooperation, the boost of digitalized technology (smart energy) to oil and gas trade, prospects of the new energy market, and analysis of the bio-fuel market. Fruitful outcomes and a series consensus were achieved. To further enhance the efficacy and influence of the CIOGTC, a number of well-known oil and gas companies such as CNPC, CNOOC, Shanghai Futures Exchange, Argus, S&P Global Platts and Shandong Longzhong Information Technology set up exhibition stands to showcase their innovation outcomes.