According to Zhejiang Radio, China’s oil and gas sector was first opened to Zhejiang’s private capital. Yesterday (August 5), CNPC and many private enterprises in Zhejiang negotiated joint ventures and cooperation in Hangzhou.

At Hangzhou West Lake State Guesthouse, Sinopec, one of the world’s top 500 companies, negotiated cooperation with many private enterprises in Zhejiang. These private enterprises are all heavyweight companies in Zhejiang, such as Wahaha Group, Holley Group, Xizi United Holdings, and Wanfeng Auto Holdings. Li Xinhua, deputy general manager of China National Petroleum Group, said: “This is the first time we have held such a large-scale joint venture and cooperation conference across the country. We first chose Zhejiang because Zhejiang’s private capital is strong and its entrepreneurial spirit is relatively strong.”

In May of this year, the State Council issued a new 36 article to encourage private capital to enter municipal public utilities and highly monopolized industries such as petroleum, telecommunications, aviation, nuclear power, and railways. Just over a week ago, the State Council issued the new 36 implementation measures to encourage private capital. This is seen as the most significant move by the Chinese government to boost the private economy following the central government's promulgation of the 36 non-public laws five years ago. The liberalization of the oil and gas sector first selected Zhejiang, the most developed province of China's private economy. Zong Qinghou, chairman of the Wahaha Group, said: “The energy industry is an important industry for our country. He has more than 17,000 gas stations. We can also cooperate in non-oil business, and look at whether there are cooperation opportunities in oil and gas. We couldn't get in before, but now we can go in and have the opportunity to enter this industry.”

It is understood that the fuel ethanol project jointly invested by private enterprise Holley Group and PetroChina will be put into production in Zhoushan by the end of the year, of which Holley will account for 40% and PetroChina will account for 60%. Private companies like the Jiuli Group and Jinzhou Pipeline have shown keen interest in oil and gas pipeline projects. Companies such as Zhengtai Group, China Resurgence Group and Chaoda Valve Co., Ltd. expressed their intentions of cooperation with petroleum equipment manufacturing. PetroChina brought over 119 projects together and deputy general manager Li Xinhua said: “In the past, private capital did not come in, or was not easy to come in. In the past, the State Council’s 36 regulations allow and encourage private capital to come in. I believe The strategic vision of Zhejiang's private entrepreneurs and the operational thinking of the market, once they feel that this project can bring returns, it should be said that it is not a problem."

Latt

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