From June 25 to July 3, Mr. Han Gensheng, Vice President of Sinochem, attended the sixth China-US Oil & Gas Forum held in New Orleans, the United States.
On the morning of June 29, Mr. Han made a speech on "Oil Reserve and China's Strategy of Coping with High Oil Price and Playing in World Oil Market "and received the interview of Dow Jones and Reuters. In his speech Mr. Han analyzed the reasons behind the hike of internal oil price and pointed out that the purpose of building oil reserve in China is to cope with the short-term market fluctuation and maintain the stability of domestic market. He also elaborated Sinochem's general strategic development and oil business in particular.
The forum covers three themes of technology, market development and role of government. Delegates exchanged opinions on deep water and unconventional oil & gas exploration and development technologies, coal bed gas production and application, energy conservation, natural gas market development, LNG construction, crisis management of large energy infrastructure construction projects, HSE technologies, oil & gas market opening, oil reserve and countermeasures to high oil price.
The forum is initiated by the China-US Environment and Energy Cooperation Initiative signed between former Chinese President Jiang Zemin and his US counterpart President Clinton in 1997. Since 1998 China and the US have been hosting the forum in rotation. The Chinese delegation to the 2005 forum is led by Vice Minister Zhang Guobao of the National Development and Planning Commission (SDPC) and composed of officials and executives of the SDPC and Chinese oil companies. Officials of the US ministries of energy and commerce and delegates of Chevron and ConocoPhillips attended the forum.