China Petroleum & Chemical Corporation (Sinopec), Asia's top refiner, issues its “2019 China Energy and Petrochemical Industry Development Report” (the Report) in Riyadh, Saudi Arabia on March 25, becoming the first Chinese company to publish research reports overseas covering the entire petrochemical value chain.
At the release event, jointly sponsored by the International Energy Forum (IEF), experts from the Sinopec Economics & Development Research Institute dissected China’s petrochemical industry, sharing insights on a range of topics, including four decades of development of China’s energy industry and the sector’s future path, trends in the international oil market, and the transformation of the energy ecosystem.
“Saudi Arabia is a major global oil producer and one of the largest oil exporters while China is the world's largest importer of crude oil," said Sun Xiansheng, Secretary General of the IEF, who chaired the event. "Publishing the report will help promote exchanges between China and Saudi Arabia in the energy sector and it will also have a far-reaching impact on closer cooperation and joint research between the two countries.”
Zhu Xinglong, counselor to the Chinese embassy in Saudi Arabia, said: "China’s rapid economic growth has benefited from the opening-up and innovation of China's energy industry, as well as help from friends in the global energy sector, especially support and cooperation from Saudi Arabia's energy community.
“This report will enable friends and envoys from all walks of life in Saudi Arabia to have a more comprehensive, objective and systematic understanding of the current situation and trend of China's energy and petrochemical industry, paving the way for further, and more extensive, cooperation between China and Saudi Arabia in this field.”
The event was also attended by Zhao Liuqing of the Chinese embassy in Saudi Arabia, and ambassadors from nearly 20 countries such as United States, Britain, Denmark, France, Singapore, South Africa, Italy, Romania and South Korea.
Over 60 attendants, including representatives from Saudi Arabia's Ministry of Energy, Industry and Mineral Resources, Saudi Basic Industries Corp (SABIC), Prince Sultan University, Riyadh Newspaper and other local government agencies, energy firms, universities and media participated in the event.
Sinopec's annual research report is the first by a Chinese company that covers the entire value chain of the industry including the economy, energy, refining and petrochemical.
Divided into three modules - economy, industry and hot topics - the report covers the upstream energy, mid-stream oil refining and downstream petrochemical sectors, and discusses six industry chains and over 40 products.
Dissecting China's energy and petrochemical industry in 2018 and projecting the sector's future in 2019, the report, substantiated by key industry data, crystallizes a profound understanding of China's energy industry from Fortune 500 oil companies and excellent think tanks both home and abroad.
Sinopec's report not only satisfies the industry's need for production, operation, research and planning purposes, but will also help lift China's influence and clout in the global energy and petrochemical industry.