JLC (Guangzhou), April 22, 2019--China saw the largest global petroleum trade summit and a huge petrochemical exhibition in Shandong’s Dongying last week, which attracted companies from 29 countries and witnessed deals valued 23.1 billion yuan ($3.45 billion).

    In addition to being the biggest of its kind in China, the Second Global Petroleum Summit held by JLC in Dongying during April 16-19 was more internationalized and productive (than the first one), JLC President Huang Haixin said at the summit. As many as 2,000 representatives attended the summit and 25,000 people visited the Second China (Dongying) International Petrochemical Trade Exhibition 2019 which was organized by JLC, sponsored by the China Chamber of International Commerce and the China Petroleum and Chemical Industry Association (CPCIA) and undertaken by the China Council for the Promotion of International Trade Shandong Sub-council, the Dongying government, the China National Chemical Economic and Development Centre and CPCIA’s industrial park committee.

    As China’s oil industry moves faster towards internationalization and offers lots of cooperation opportunities, this summit and exhibition drew great attention from the global oil industry and attracted ExxonMobil, Honeywell and Chevron from the US, BP from Britain, Mercuria from Switzerland, Lukoil from Russia, Petronas from Malaysia, Royal Dutch Shell, Italy’s Eni, Brazil’s Petrobras, Japan’s Marubeni, Australia’s Macquarie, S&P Global Platts and Reuters, among other overseas companies. It also attracted Chinese companies PetroChina, Sinopec, China National Offshore Oil Corporation, Yanchang Petroleum, Haike Group, Wanda Petrochemical, Fuhai Group, etc.

Attendees at the summit and exhibition had in-depth discussions about global oil supply and demand, prices, trading terms, policies, opportunities and industrial development.

    After speeches at the opening ceremony last Wednesday morning, the summit focused on energy transition and strategic innovations. Zhang Yuqing, a previous vice director of the National Energy Administration, gave a speech about the outlook of global and China’s energy and talked about how international energy enterprises could make their cooperation with Chinese companies more efficient amid China’s internationalization.

    Following Zhang’s speech, a representative from ExxonMobil and Chevron each delivered a speech, which indicated that the US energy industry pays great attention to the Chinese market. Thomas Martenak, the general manager responsible for ExxonMobil’s global crude trade, delivered a talk about the US shale oil and gas revolution and its impacts on the global market. Lin Mingdong (transliteration), the general manager for Chevron’s crude oil supply and trade in Asia Pacific, gave a talk about the energy market in transition and elaborated on variables in global energy transitions, covering the flow of crude oil, impacts of natural gas, policies on energy and changes in regulations.

Afterwards, Mr. Roger Chen, a vice president of JLC, discussed with these speakers and Mr. Shao Lei, assistant to the general manager of PetroChina Fuel Oil, about hot issues in the global and domestic markets.

    More speeches and discussions ensued at the summit: Singapore-based Eni’s general manager Stefano Grasso’s talk about the International Maritime Organization’s sulfur cap in 2020; Roger Chen’s introduction of JLC’s price assessments; Honeywell UOP (China)’s sales director Dai Qiang (transliteration)’s speech about defining refineries in terms of refining technologies amid declining sulfur content in global oil products; JLC’s chief petroleum economy researcher Zhong Jian’ forecast of the global crude oil market in 2019; a forum presided over by JLC’s vice president Liu Xintian about changes in future development of the petrochemical industry and oil product retail; a talk on China’s energy transition and development of the oil industry given by Bai Jun, an expert from the China Energy Research Society; Refinitiv Singapore’s director Yaw Yan Chong’s analysis of the refined oil market trend in 2019; a speech on changes in China’s policies on the refined oil market and new features in the market, delivered by Kong Jingyuan, a directing engineer from the market research institute of the China Petroleum Planning and Engineering Institute.

    As China’s oil industry plays an increasingly important role in the international market and international trade keeps growing, JLC is working hard to establish a better platform for Sino-foreign communication and cooperation. It will make continued efforts to improve its services to domestic and overseas oil companies.