Chinese expert proposes expanding oil and gas cooperation between Silk Road countries

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Baku, July 1, AZERTAC

Deputy director of Chinese Petroleum Feasibility Institute Jiang Xuefeng has proposed expanding oil and gas cooperation between Silk Road countries. “Cooperation between the countries along the Belt and Road serve as inspiration for further collaborative projects under the initiative,” he told a forum under the motto "Ways of sustainable energy development and cooperation in Asia" which was held in Chongqing, Southwest China. In his opinion, cooperation in this area should cover the entire oil and gas industrial chain. Xuefeng cited data according to which the countries adjacent to the Belt and Road initiative account for half of the world's oil supplies and a third of oil consumption, but up to 70 percent of all oil and gas corridors in the Eurasian region are in western and northern areas, and only 30 per cent in the south and east. Xuefeng considers it expedient to establish bilateral and multilateral cooperation mechanisms to ensure security of oil and gas routes and coordinated response to emergencies.

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