The company launched China's first online platform for spot trading of refined oil products in November 2015, according to Ji.
Working with PetroChina Xinjiang Marketing Co, the Central Asia Energy Network, the oil product platform, can sell refined oil products to private gas stations and other corporate clients online and provide financing options for the purchases.
Although the platform has been focused so far on the domestic market, it has great potential for expansion overseas, with supports from the central government's "B&R initiative" and local government's plan to establish a world-class oil city in Karamay, Ji said.
Not all great
Although the future seems promising under the "B&R initiative," obstacles remain and progress is slow in the implementation of the initiative. Some companies told the Global Times that they have not seen tangible benefits from the plan.
"There is no doubt that the 'B&R initiative' is the right path forward for our country and very beneficial for Xinjiang, but it's fair to say the implementation is rather slow, or at least not as great as it sounds," Ma Jie, dean of the entrepreneurship school at the Xinjiang University of Finance and Economics (XJUFE), said in an interview with the Global Times on Thursday.
"You can feel a lot of excitement among the business community here about the initiative, but a lot of these companies are not so sure about what they can specifically do," Ma said.
In interviews with the Global Times, many companies expressed optimism but became vague when asked about what they have gained as a part of the plan.
An executive at an infrastructure construction company, who requested anonymity, said the "B&R initiative" presents more projects overseas, but the competition would also increase because many large State-owned companies would also come to compete for the bids.
Challenges remain
The slow progress of implementation of the "B&R initiative" could be attributed to a lack of details about the plan and local resources, according to company executives and analysts in Xinjiang.
"The initiative is very broad; everything about opening up to the west is part of the 'B&R initiative,'" Ma said. "What it does is point to a general direction for local governments and companies."
The Xinjiang regional government's plans to build regional trade, financial, transport and other hubs are still not fully implemented, multiple local residents told the Global Times.
Limited local resources such as lackluster infrastructure and a shortage in highly educated workers could also present obstacles to the initiative, experts said.
Although there have been improvements in recent years, particularly in northern Xinjiang, where the economy is generally better than in the region's southern areas, infrastructure such as road and railways still need to be better connected, Ma said.
Xinjiang's higher education also lags behind other areas of the country, which could drag on development of the local economy, Zheng Wei, chairman of Chongqing-based Zandem Construction Group, told the Global Times on Sunday.
Zheng believes highly educated workers will be in high demand, and that's why he came to the region.
His company, which is in the real estate and education industries, is currently constructing a new campus for XJUFE's business school in Korla in central Xinjiang. It is the company's first project in the region.
Zheng said as Xinjiang's economy continues to grow and its dealings with neighboring countries increase under the "B&R initiative," education is critical, but it takes time.
Ma also said patience is needed for the implementation of the "B&R initiative."
"This is a long-term plan that requires time to implement; it is definitely not a great leap forward," he noted.
