CNPC signed a major cooperation agreement again to move into Europe or will become the strategic focus of China's PetroChina.
The internationalization of Petrochina has taken a step further.
After years of painstaking efforts, Petrochina has formed five cooperation zones in the Americas, the Middle East, central Asia, Africa and Asia Pacific. And it also formed the four major multinational oil and gas strategic passages in China, Kazakhstan, central Russia, China and Myanmar, and the three major operation centers with the integration of trade, processing and warehousing.
Being clear at a glance, the European market can be called a blank from Petrochina's plan of the international market. Once Petrochina has successfully entered the European market, the international route of Petrochina has made another big step.
European markets became the focus.
Petrochina has a long history of favouring European markets. According to the data, Petrochina made an investment in the European market as early as 2011. If the investment in 2011 is seen as a probe into the European market, today's cooperation can be called the start of a big move into the European market.
Europe is not the world's oil and gas production hub and Europe's oil resources accounted for only 0.9% of the world's total oil reserves. Why did Petrochina bet on Europe?
It is very simple, Europe is not the center of oil and gas production but the traditional oil and gas consumption center. The EU accounts for less than 4 percent of the world's oil and gas reserves while a quarter of the world's consumption. Although some European countries have come up with a timetable for fuel vehicles, it did not affect the EU's role as a key oil consumer.
However, it is not hard to see that the plan for the European oil and gas operations center will return as Petrochina adapts to the new normal of low oil prices.
At that time, the European market will become the focus of the future work of CNPC.