On June 11, Mr. Liu Deshu, President of Sinochem, Mr. Zeng Xingqiu, Chief Geologist and a group of the Oil Center staff visited the officials and experts of the Chinese Academy of Engineering (CAE) in the China Hall of Science & Technology. They introduced the oil business of Sinochem and raised suggestions on the medium/long-term development planning for oil and gas resources.
Wang Dianzuo and Du Xiangwan, vice presidents of the Academy and other members of CAE including Hou Xianglin, Zhai Guangming, Yuan Qingtang, Qiu Zhongjian, Xi Xiaolin and Bai Yuliang participated in the meeting.
Mr. Liu briefed the officials and experts about Sinochem Company and the development of its oil business. He noted that years of international oil trade practice have allowed Sinochem to understand deeply the importance of energy to the development of national economy. Sinochem is glad to offer its experiences and market information accumulated over years for the reference of the CAE and do its own part for the medium/long-term development of the national energy.
Mr. Zeng talked about Sinochem’s efforts to develop overseas oil and gas resources. He suggested that the state should accelerate oil legislation, improve related policies and promote the implementation of the “developing overseas market” strategy. Chen Jun and Zhao Xiaochun of the Oil Group introduced the building of oil product procurement and distribution network, Sinochem’s part in the national oil strategic reserve, its oil futures trading at Exchange, contract for future delivery and swap market.
The CAE member Hou Xianglin, who is the head of the research group and the former vice oil minister, said that Sinochem’s suggestions were very fresh and the CAE would incorporate the suggestions into its research topics. He hopes that Sinochem will engage more in and offer support for the research process.