Sinopec Group, China's oil giant, aims to establish a long-term sustainable development mode with countries and regions along the route of the "One Belt, One Road" (B&R) initiative by outlining a cooperative plan, according to a note Sinopec sent to the Global Times on Tuesday. [Special coverage]
The plan foresees a comprehensive update of industrial cooperation and a win-win sustainable development mode with countries and regions along the B&R route, Chairman Wang Yupu told a company meeting recently.
Most countries and regions along the B&R route have rich oil and gas resources while Sinopec has advantages in refining and chemical engineering technology, as well as strong engineering service ability. On this basis, a complementary arrangement can be shaped, Wang said.
The oil giant will further cooperate with these parties to adjust their energy strategies by developing and expanding three strategic zones in the Middle East, Russia and Southeast Asia, and building advanced advantages by creating two innovation centers in North Africa and the Middle East, Wang said.
"The plan will help countries and regions along the B&R route release the potential of their rich resources and market advantages combined with China's industrial advantage in petrochemical integration," Wang stressed.
Sinopec said that it will also take advantage of traditional trade platforms and epec.com, China's biggest e-commerce platform for industrial products, to enhance multilevel trade cooperation with countries and regions along the B&R route.
Sinopec has become one of the most important and leading enterprises in cooperation with countries and regions along the B&R route, based on its hundreds of billions of dollars in investment over the past five years.
In the sector of oil and gas exploration and development, Sinopec has cooperated with 11 countries and regions along the route such as Russia, Kazakhstan and Saudi Arabia, and it was involved in 18 projects worth $20.31 billion as of the end of 2016, the company told the Global Times on Friday.
Imports of crude oil from 15 sources along the route reached 1.1 billion tons from 2011-16, it noted.
Sinopec has played a significant role in the economic relationship between China and Saudi Arabia, the oil giant said. For example, Sinopec's imported crude oil from Saudi Arabia represents the majority of China's crude oil imports.
Trade volume in the oil and chemical sector accounted for about half of the total bilateral trade volume over the past five years, according to the company.
Bilateral trade reached $42.36 billion in 2016, the 13th straight year during which Saudi Arabia was the biggest trade partner of China in West Asia and Africa.
