Sinopec Group president proposes to establish Eurasian oil and gas market
He made his proposal at the press conference titled "Energy security in Eurasian region: New mechanism of cooperation" which is held within the framework of KAZENERGY Eurasian Forum.
"We need to establish common Eurasian oil and gas market in order to promote oil and gas cooperation within the initiative called "One belt - one way". The market has to have a type of open market assisting in integration of subregional markets of Northeastern, Southeastern and Eastern Asian with gradual development of information openness," he said.
According to him, establishment of Eurasian market will allow to member states to exchange reserves and sell them. He also added that cooperation in the oil and gas sector was dynamically developing between Kazakhstan and China.
"Chinese oil companies invested over USD 30 bln in 25 joint projects in Kazakhstan in 2014. The complete cycle in cooperation in this sphere is created," the head of the Chinese company said.
According, it is necessary to build a powerful transport corridor for transportation of petroleum products and gas.