(Yicai) Nov. 7 -- China’s three biggest oil and gas companies have signed more than USD71.4 billion worth of agreements at the China International Import Expo in Shanghai.

China National Offshore Oil Corporation’s deals exceeded USD13 billion, a new record for a single CIIE, the Beijing-based company announced. The contracts cover categories including crude oil, natural gas, deepwater equipment, and advanced technical services.

CNOOC will deepen multilateral cooperation to build a safe and efficient oil and gas supply system, Chairman Zhang Chuanjiang noted.

The Russia-Ukraine and Israel-Palestine conflicts have upended global energy supply and demand, disrupted the sector’s supply chains, slowed upstream investment, and heightened the risks to energy security.

Since the first CIIE in 2018, CNOOC has signed import contracts and agreements worth over USD89 billion with more than 100 global suppliers in over 30 countries and regions, the company said. In addition, it has traded over 900 million tons of oil and imported more than 220 million tons of liquefied natural gas, accounting for 43 percent of China's total LNG imports.

At the ongoing CIIE, China Petroleum and Chemical Corporation, better known as Sinopec, signed contracts worth in excess of USD40.9 billion with 34 partners in 17 countries and regions, covering 24 products in 10 categories, including crude oil, chemicals, and equipment, it said.

China National Petroleum Corporation penned 43 deals with 41 international businesses at this CIIE, including Saudi Arabian Oil Company, the world's largest oil producer, TotalEnergies, Schlumberger, and Siemens Energy, with the agreements worth about USD17.5 billion, a steady increase from last year's trade fair, it announced.

CNPC will hasten the development and use of low-carbon technologies, including carbon capture, utilization and storage, hydrogen energy, and solar energy, General Manager Zhou Xinhuai pointed out. It will also step up collaboration in green equipment, finance, and infrastructure, Zhou added.

This year's six-day CIIE, which is being held at the National Exhibition and Convention Center through Nov. 10, has gathered together more than 4,100 foreign companies in an exhibition area of more than 430,000 square meters, both new records. 

Editor: Martin Kadiev