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Driving New Development of International Oil and Gas Trade Through Cooperation and Innovation

On November 8, the 9th China International Oil and Gas Trade Congress (CIOGTC), jointly supported by the Ministry of Commerce (MOFCOM), the National Energy Administration (NEA) and the Shanghai Municipal People’s Government and sponsored by the Trade Development Bureau (TDB) of the MOFCOM, was held in Shanghai. Mr. Ren Hongbin, Assistant Minister of Commerce, delivered a keynote speech. Madame Shang Yuying, Deputy Secretary General of the Shanghai Municipal People’s Government, and leaders of major international and Chinese oil companies attended the congress and delivered speeches. His Excellency Luis Monsalve, Ambassador of the Republic of Colombia to China, was also in attendance. Mr. Wu Zhengping, TDB Director General, presided over the congress.  

Assistant Minister Ren recognized the fact that the scheduled convening of the CIOGTC, even in light of challenges, is a concrete example of implementing President Xi’s commitment to openness and cooperation, stronger industry exchanges and reciprocal and win-win partnerships. The congress provided a more ambitious platform for the Chinese and international oil and gas industry to explore broader market opportunities. In the face of a challenging and intensely volatile global oil and gas market, the Chinese government has taken a series of forceful measures to ensure the stability of the oil and gas value and supply chain, and it has achieved year-on-year growth in oil and gas imports amidst market headwinds. Such efforts speak to the tangible actions China has taken and the important contributions China has made to the stability of the global energy market and economic recovery. 

Assistant Minister Ren stressed that the Chinese government will remain steadfast in deepening reforms and expanding openness, further promoting new drivers of growth, actively seeking new spaces for the open development of the oil and gas sector, striving to build a new development paradigm with domestic and international dual circulations mutually reinforcing one another in the oil and gas sector and jointly promoting the sustainable development of energy globally.

The CIOGTC is an important complimentary event of the China International Import Expo (CIIE). Supporting both online and onsite participation, this year’s congress attracted nearly 600 attendees (150 onsite) from 15 countries and regions, representing renowned international oil companies, trading and shipping companies, financial and market intelligence institutions and academic and research institutes. Its program consisted of an opening ceremony, keynote presentations, panel discussions and side events. Exhibitor booths were also set up at the venue. With the theme, “Driving New Development of International Oil and Gas Trade Through Cooperation and Innovation”, the congress enabled in-depth discussions on hot topics such as global and regional oil and gas trade, China’s energy development strategy in the next phase of opening-up, the adoption of AI technology in the energy sector and the improvement of the energy derivatives ecosystem. The congress built industry consensus and addressed new trends within international oil and gas trade.

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