Dr Sun Xiansheng is a senior economist and the President of CNPC Economics & Technology Research Institute in Beijing. The Institute is a subsidiary of the China National Petroleum Corporation (CNPC) and engages in analysis and strategic research and consultancy services for CNPC. Mr Sun was previously the President of PetroDar Operating Company and CNPC Nile. Mr Sun graduated from the Centre for Energy, Petroleum and Mineral Law & Policy at the University of Dundee with a MBA and a PhD.
1. Adjustments were made to China’s energy policies following the 18th National Congress. What opportunities and challenges will these bring to investors?
Dr Sun Xiansheng: During the 18th National Congress of the Communist Party of China (hereinafter referred to as the “18th Congress” report), then President Hu Jingtao explicitly proposed “the acceleration of the improvement of the socialistic market economic system and the transformation of economic development model”, with particular emphasis on “comprehensive deepening of all economic structural reforms” and “comprehensive improvement on the performance of the open economy”. This also includes “unwavering encouragement, support and guidance” of the development of the private economic development sector, and ensuring that all other economic entities have equal access to production factors, in accordance with the law, compete on a level playing field, and receive equal protection by the law.
The Chinese energy sector will continue to open up, and this will also result in refinement of relevant laws and regulations, gradual relaxing of the control on energy prices, import and export regulations, as well as market access. The liberalisation of the market will provide investors with more opportunities to participate in the development of the energy sector, especially since the government is currently pursuing the transformation of its role by streamlining administrative procedures through delegation of power and reforming its administrative approval system. On 15 May 2013, the State Council decided to abolish and re-delegate hundreds of approval rights. This includes the abolishment of the Ministry of Commerce’s approval rights for foreign cooperation in the oil, natural gas and coal bed methane sectors, as well as the decentralisation of a portion of the National Development and Reform Commission’s approval rights for investments in the power sector. In addition, on 13 June 2013, the State Council also abolished the National Energy Administration’s approval rights for business development items in the coal, power and oil and gas sectors.
Energy price reforms, such as the oil pricing review on 26 March and the natural gas pricing review on 10 July, are good news for investors. Currently, most of China’s energy sectors are opened to investors. However, many are unwilling to enter the market due to the current pricing mechanism. As a result, state-owned enterprises have had to monopolise the market and consequentially also bear the losses, as was the case for the natural gas import market. ENN Energy, a commercial enterprise, has already acquired the rights to import and export natural gas in 2006. However, as of today, its LNG terminal project has yet to be launched. The marketization of pricing will dispel the concerns of investors and benefit both consumers and investors.
After 30 years of reform and opening up, China’s energy industry has basically opened up to foreign and private capital investments. The statistics show that as of end-2012, non-state-owned enterprises accounted for 40% of the national coal production, 26% of hydropower capacity, 20% of wind power capacity, 18% of crude oil processing capacity, and approximately 50% of the total number of gas stations. In addition, foreign and domestic enterprises have also developed extensive partnerships in the various upstream and downstream sectors of the energy industry.
Despite that, investors in the Chinese market will face greater challenges, such as rapidly rising land, labour and financial costs, as well as other factors, such as more stringent energy-efficient and environment-friendly regulations. The appreciation of the RMB will also have serious impact on foreign investors.
2. What is the outlook for 2014 and what are the interim trends for China’s oil and gas industry?
Dr Sun Xiansheng: Oil: In 2012, China’s apparent oil consumption was around 492 million tonnes, an increase of 5.0% compared to the previous year. Refined oil consumption increased by 5.2% year on year, of which, gasoline consumption increased by 12.3%, kerosene consumption increased by 9.5% and diesel consumption increased by 1.5%. As a result of the sluggish economy, estimated oil consumption in the first half of 2013 was a mere 248 million tonnes, which is a slight 0.5% increase compared to the same period last year. The growth of refined oil consumption slowed to 3.7% year on year, of which, diesel consumption dropped by 1.7%. However, due to the active automobile market and the rapidly growing aviation sector, gasoline consumption and kerosene consumption levels increased by 12.4% and 15.5% respectively.
As economic growth begins to slow down, China’s economic development model and energy consumption structure will have to face further optimisation, leading to continued decline in the growth for oil demand. Taking into consideration the nation’s strategic oil reserves, growth in oil consumption is projected to drop to about 2% in 2013. Estimated refined oil consumption is expected to remain at a level of 4 to 5%, of which, the growth of gasoline and kerosene consumption will remain close to 10%, while diesel consumption will essentially remain at 2012 levels. With the decline in economic growth and transformation of the economic development model, the growth in China’s oil demand is expected to be an approximate of 2% in 2014, while the growth of refined oil consumption will be at 3-4%. Growth in gasoline and kerosene demand will continue to be dominated by the eastern region, while the diesel demand centre will gradually shift towards the central and western regions.
In terms of supply, China’s crude oil production was 207 million tonnes in 2012, a 1.9% growth year on year and basically consistent with the average growth rate in the past 12 years. In the first half of 2013, China’s crude oil production was 104 million tonnes, an increase of 4.3% year on year. Crude oil production is projected to be around 213 million tonnes in 2013 and will reach 218 million tonnes in 2014, accounting for growth of 3% and 2% year on year respectively. As the growth rate of crude oil production is significantly lower than that of oil consumption, China’s oil import is expected to continue to grow in the future. However, crude oil will be the main import. Currently, as international oil prices and domestic market mechanisms have remained largely unchanged, it is necessary for China to export a certain quantity of refined oil products to alleviate the problem of excess domestic resources.
At the moment, China is deepening its domestic oil market reforms, including reforms of the circulation and price systems. In recent times, the loudest demands are for the opening up of crude oil import rights. At the moment, China’s refined oil market is in a relatively relaxed state and based on current plans and oil refining projects, the “12th five-year plan” will have a larger surplus of refining capacity. Once crude oil import has been liberalised, it is expected that more economic entities will enter the refining industry. This will lead to heavy excesses in domestic resources which will need to be channelled to overseas markets. This means that the import and export rights for refined oil will have to be liberalised, which will in turn impact the Asia Pacific, and probably even the global market.
Current trends in China’s energy industry have also become apparent in other parts of the world, such as changes in energy demand growth as a result of the economic slowdown, the use of natural gas as a substitute for oil and coal in various sectors, and energy pricing mechanism reforms in developing countries. All these will significantly affect the global energy landscape. In addition, we believe that oil and gas exports from North America will also bring about significant changes to the global energy supply and trade patterns.
Natural gas: In 2012, China’s natural gas market has continued to show vigorous growth, with natural gas consumption reaching 147.5 billion cubic metres, an increase of 12.9% year on year. Its share of total primary energy consumption increased from 5% in 2011 to 5.4%. In 2012, China’s domestic natural gas production reached 107.7 billion cubic metres, an increase of 6.5% year on year. China imported 42.4 billion cubic metres of natural gas in 2012, including pipeline gas import of 22 billion cubic metres, accounting for 52%. LNG import was 14.68 million tonnes, accounting for 48%. Dependence on foreign resources rose rapidly to 28.8%. China has continued to push for natural gas price reforms. Pilot reforms conducted at Guangdong and Guangxi have achieved initial success. Many other provinces and cities are also actively exploring price adjustment mechanisms in preparation for further market-oriented reforms.
In 2013, China’s natural gas market has continued to grow rapidly. China’s natural gas consumption in 2013 is estimated to be 165 billion cubic metres, an increase of 11.9% year on year and accounting for 5.8% of total primary energy consumption. In terms of production, the volume is estimated to reach 115 billion cubic metres in 2013, an increase of 6.8% compared to the previous year. Synthetic natural gas will become the new source of gas supply and production is projected to reach 1.9 billion cubic metres. Total gas import is expected to reach 53 billion cubic metres, an increase of 25.1% year on year. Of which, LNG import will reach 16.5 million tonnes, an increase of 12.4% year on year, pipeline gas import will reach 30 billion cubic metres, an increase of 36.4%. Imported gas will account for around 32.1% of the total natural gas consumption. China carried out a natural gas pricing reform in 2013 and has since adjusted the price levels. China’s natural gas industry is moving towards marketization.
Influenced by various factors such as economic growth, national policies, pipeline construction and environmental concerns, China’s natural gas consumption is expected to reach around 183 cubic metres in 2014, an increase of around 10.9% year on year. It is projected that China’s natural gas production will be 122.5 billion cubic metres in 2014, an increase of 6.5%. In 2014, China’s imported gas is expected to exceed 60 billion cubic metres, an increase of 20.8%. With CNOOC’s Hainan LNG project and Sinopec’s Qingdao LNG project expected to begin operation, LNG import in 2014 is expected to reach 18.9 million tonnes, an increase of 14.5% year on year. With Line C of the Central Asia-China Gas Pipeline going into operation and the China-Myanmar gas pipeline in full operation, pipeline gas import is expected to grow by 26%. Imported gas is expected to account for around 34.9% of the total natural gas consumption. More policies regarding the use of natural gas are expected to be introduced, which will promote more scientific and orderly development for natural gas utilisation. New natural gas pricing mechanisms are gradually being implemented across the regions and domestic enterprises can expect partial alleviation from the upside pressure of imported gas prices.
Certain key trends of China’s energy market are expected to have an impact on the global energy landscape. Firstly, the economic slowdown has caused changes in the growth of energy demand. Secondly, the use of natural gas as a substitute for oil and coal in different sectors. Thirdly, energy pricing mechanism reforms in developing countries. All these will significantly affect the global energy landscape. In addition, we believe that oil and gas exports from North America will change the global energy supply and trade patterns significantly as well.
3. What impact does US shale gas supply have on the Asian and Chinese natural gas markets?
Dr Sun Xiansheng: Currently, the US has over 20 LNG export projects in its plans, but only the Sabine Pass project has obtained relevant approval and is ready for export purposes. In its plans to export to Asia, the company has signed long-term supply contracts of 3.5 million tonnes per year with natural gas companies in India and Korea. The contracts are expected to come into effect from 2017. In May 2013, the US Department of Energy approved the request of the Freeport LNG project to export LNG to non-FTA countries, including some of the biggest LNG importing countries in Asia and Europe. This is the first time such an application has been approved in the last two years, and for only the second time in history. In August 2013, the US Department of Energy approved the request of the Lake Charles LNG project to export LNG to non-FTA countries, becoming the third US project to be granted approval. The export capacities of the Freeport project and Lake Charles project are 9 million tonnes per year and 15 million tonnes per year respectively. To date, the Department of Energy has given approval to three LNG projects to export to non-FTA countries, amounting to a total export capacity of 40 million tonnes per year. However, the Freeport LNG project and Lake Charles LNG project have yet to obtain FERC approval, the final step in the entire application process. As such, actual US LNG export to Asia in the next 5 years is projected to be 7 to 10 million tonnes per year.
US LNG export is expected to have the following impact on Asia’s natural gas market in terms of prices and trade flows. Firstly, US LNG export will strengthen the links between North America and other markets. HH prices will become an important reference point for market prices. It will stabilise the prices in other markets and narrow the price differences between the three major markets. Secondly, US LNG export will increase the liquidity and supply capacity of the global natural gas market, and accelerate integration of the global natural gas markets. This will provide China and Asia with more natural gas import sources and increase supply security. At the same time, its presence will put pressure on LNG exports from the Middle East and Australia, to source for alternative export locations.
4. How will CNPC’s overseas investments affect China’s energy security?
Dr Sun Xiansheng: Due to the heterogeneity of the global oil and gas resource distribution, the oil industry has to practice worldwide strategic resource allocation since its inception. Implementation of international strategies is an important method for CNPC to achieve its goals of enhancing the group’s international competitiveness and becoming a world-class integrated energy company.
The company started its “stepping out” strategy in the 90s and after nearly 20 years of development, CNPC has business partnerships with over 30 countries in the five major oil and gas cooperation zones—Central Asia, Middle East, Latin America, Africa and Asia Pacific, contributing to the stabilisation of global oil market supply, development of resource countries’ economies and improvement of the oil and gas industries. At the same time, the company has played a vital role in the diversification of China’s resource imports and strengthening of energy supply security.
At the moment, new patterns have emerged in the world’s energy supply and demand. Oil and gas supply sources have shifted towards the West, while demand has increased in the East. Regions like America and Africa have become the new oil and gas rich areas in the world and have presented new opportunities for various domestic oil and gas companies, including CNPC. The company is actively monitoring investment opportunities in these regions. Through various oil and gas partnerships and taking into consideration business development needs, the company has continued to utilise its strength in upstream and downstream integration to establish all-rounded mutually beneficial cooperation and actively expand and improve the oil and gas industry chain to contribute to local economic and social development.
5. How can a balance be struck between growth in energy demand and sustainable low-carbon development?
Dr Sun Xiansheng: The Chinese government has always attached great importance to the promotion of environmental protection and sustainable development. The “18th Congress” report has clearly stated the intention to “vigorously promote the construction of an ecological civilisation” and to “give priority to building an ecologically aware civilisation and integrating it into all aspects and the entire process of advancing economic construction, political, cultural and social progress to build a beautiful China and achieve sustainable development. Specifically, this means “adherence to the basic national policies of resource conservation and environmental protection”.
For the energy sector, sustainable development is mainly reflected in the continuous improvement and optimisation of energy efficiency, energy structure and environmental protection. Businesses also do not see energy saving and environmental protection as mere fulfilment of government regulations, but as important social and political responsibilities. Take CNPC for example. Many of the departments at the corporation headquarters have set up Environmental Protection & Energy Conservation units to take care of relevant issues and are usually accorded higher precedence. Many of the other major energy groups and companies have similar departments as well.
In terms of energy efficiency, China’s average annual GDP growth from 2000-2012 was 10.2% and the average annual energy consumption growth was 7.9%. The energy intensity has dropped to 0.697 tonnes standard coal permillion RMB in 2012, which is a decrease of 22.1% compared to 2000. The “12th five-year plan” has put forward the mandatory target of “reducing energy consumption per RMB10,000 GDP to 16% lower than that of 2010 by 2015” and provided a detailed breakdown of the various responsibilities of each region and key enterprise. It has also proposed the goal of “controlling total energy consumption”. As of today, the Chinese government has imposed energy efficiency standards at the various industrial, construction, transportation and household appliances departments, and has continued to promote the abolishment of high pollution and high-energy consumption equipment and procedures in the industries.
In terms of energy structure, China is currently the world’s largest renewable energy power generator. The use of wind power, hydropower and nuclear power has increased from 6.4% in 2000 to 8.0% in 2011 of the total energy consumption. With the decline in energy demand growth and stabilisation of energy prices, China will be able to move towards a clean and low-carbon energy structure, especially in increasing the proportion of natural gas, new energy and renewable energy in the energy structure to promote green development, recycling and low-carbon development.
In terms of energy conservation and environment protection, the Chinese government has constantly increased the corresponding standards. Take oil quality standards for example, China only took around 10 years to accomplish what developed countries take 20-30 years to do. In 2011, the National Standards III gasoline standards were implemented, which will be increased to National Standards IV in 2014 and National Standards V in 2015. The National Standards III diesel standards were implemented in 2013, which will be increased to National Standards IV in 2015 and National Standards V by 2018. By then, the sulphur content of vehicle fuel will fall below 10ppm, which will be on par with that of developed countries.
Mr Sun’s responses were translated from Chinese into English by the Singapore International Energy Week 2013 team. The Chinese version of this interview is below.
5个问答系列 -中石油经济技术研究院院长孙贤胜
1. 十八大以来能源政策的调整对投资者的机遇和挑战是什么？
Dr Sun Xiansheng: 胡锦涛主席在中国共产党第十八大次全国代表大会的报告（以下简称“十八大”报告）明确提出要“加快完善社会主义市场经济体制和加快转变经济发展方式”，并特别强调要“全面深化经济体制改革”和“全面提高开放型经济水平”，其中就包括“毫不动摇鼓励、支持、引导非公有制经济发展，保证各种所有制经济依法平等使用生产要素、公平参与市场竞争、同等受到法律保护”。根据“十八大”精神，未来中国能源领域的改革开放还将持续深入，包括法律法规的完善、能源价格、进出口以及市场准入管制的逐步放松等多方面内容。
市场的放开将给投资者提供更多的机会参与到能源行业的发展中，特别是目前政府大力推动的以简政放权、深化行政审批制度改革为重点的转变政府职能工作。2013年5月15日，国务院决定取消和下放几百项审批权，其中就包括取消商务部在石油、天然气和煤层气对外合作的审批权，以及下放国家发改委在部分电力行业的投资审批权。2013年6月13日，国务院又取消了国家能源局对煤炭、电力和油气企业发展规划的审批权。
能源价格体制改革也是投资者的重要利好消息之一，如今年3月26日的成品油价格改革和7月10日的天然气价格改革。目前中国多数能源领域都是对投资者开放的，但其中有很多因为价格机制的原因投资者并不愿意进入，因此国有企业不得不垄断市场并承担损失，比如说天然气进口。事实上，民用企业新奥燃气早在2006年就已经获得了天然气进出口权，但直到目前其LNG接收站项目仍未启动。价格机制市场化改革将打消投资者的疑虑，使消费者和投资者共同获益。
事实上，经历了30多年的改革开放后，中国能源行业已经基本对外国和民营资本开放。根据统计，截至2012年底，非国有企业占全国煤炭产量的40%，水电装机容量的26%，风电并网装机容量的20%，原油加工能力的18%，以及加油站总数的50%左右。外国企业也与国内企业在能源工业上下游各领域开展了广泛合作。 尽管如此，投资者中国市场也将面临更大的挑战，包括快速上升的土地、劳务和财务成本，以及更加严格的节能环保约束等。特别是对外国投资者而言，人民币升值也是一个十分重要影响因素。
2. 如何看待2014及中期中国油气行业发展趋势？
Dr Sun Xiansheng:
石油 : 2012年，中国石油表观消费量约为4.92亿吨，同比增长5.0%；成品油表观消费量同比增长5.2%，其中汽油同比增长12.3%，煤油同比增长9.5%，柴油同比增长1.5%。由于经济疲软，2013年上半年石油表观消费量仅为2.48亿吨，比上年同期小幅增长0.5%；成品油消费量同比增速降至3.7%，其中柴油消费量甚至下降1.7%，但由于汽车市场的活跃，汽油消费量同比增速高达12.4%；快速发展的民航也带动煤油消费量增长15.5%。
随着经济增速的放缓，中国经济发展模式和能源消费结构将面临进一步优化调整，石油需求增速将继续下降。考虑到国家战略石油储备的库存因素影响，预计2013年中国石油表观消费量增速将降至2%左右；成品油表观消费量则仍将保持在4-5%的水平，其中汽油和煤油增速仍将接近10%，柴油消费量则与2012年基本持平。随着经济增速的放缓和经济发展模式的转型，2014年中国石油需求增速预计在2%左右，成品油消费量增速为3-4%。汽油、煤油需求增长仍将以东部地区为主，柴油需求重心则逐渐向中西部地区转移。
供应方面，2012年中国原油产量为2.07亿吨，同比增长1.9%，与过去12年平均增速基本一致。2013年上半年，中国原油产量1.04亿吨，同比增长4.3%。预计2013年原油产量在2.13亿吨左右，2014年达到2.18亿吨，同比增速分别为3%和2%。由于原油产量增速明显低于石油消费量增速，未来中国石油进口仍将保持增长，但进口类型以原油为主。在当前的国际油价水平和国内市场机制基本不变的情况下，中国需要出口一定数量的成品油以缓解国内资源过剩问题。
目前，中国正不断深化国内石油市场改革，包括流通体制改革、价格体制改革，近期呼声较高的是原油进口权放开问题。目前中国成品油市场处于相对宽松的状态，而根据规划和在建炼油项目，“十二五”末炼油能力将出现较大富余。一旦原油进口放开，将更多的经济主体参与到炼油行业，国内资源必将严重过剩，从而向海外市场寻找出路，届时成品油进出口权也必须同步放开，从而对亚太乃至全球油品市场产生冲击。
目前中国能源行业出现的一些关键性变化趋势同时也在世界其他地区出现，包括经济增长放缓导致的能源需求增速的变化、天然气在不同领域对石油和煤炭的替代，以及发展中国家能源价格体制改革等，这些都将显著影响全球能源格局。此外，我们认为北美油气出口也将显著改变全球能源供应和贸易格局。
天然气 : 2012年，中国石油表观消费量约为4.92亿吨，同比增长5.0%；成品油表观消费量同比增长5.2%，其中汽油同比增长12.3%，煤油同比增长9.5%，柴油同比增长1.5%。由于经济疲软，2013年上半年石油表观消费量仅为2.48亿吨，比上年同期小幅增长0.5%；成品油消费量同比增速降至3.7%，其中柴油消费量甚至下降1.7%，但由于汽车市场的活跃，汽油消费量同比增速高达12.4%；快速发展的民航也带动煤油消费量增长15.5%。
随着经济增速的放缓，中国经济发展模式和能源消费结构将面临进一步优化调整，石油需求增速将继续下降。考虑到国家战略石油储备的库存因素影响，预计2013年中国石油表观消费量增速将降至2%左右；成品油表观消费量则仍将保持在4-5%的水平，其中汽油和煤油增速仍将接近10%，柴油消费量则与2012年基本持平。随着经济增速的放缓和经济发展模式的转型，2014年中国石油需求增速预计在2%左右，成品油消费量增速为3-4%。汽油、煤油需求增长仍将以东部地区为主，柴油需求重心则逐渐向中西部地区转移。 供应方面，2012年中国原油产量为2.07亿吨，同比增长1.9%，与过去12年平均增速基本一致。2013年上半年，中国原油产量1.04亿吨，同比增长4.3%。预计2013年原油产量在2.13亿吨左右，2014年达到2.18亿吨，同比增速分别为3%和2%。由于原油产量增速明显低于石油消费量增速，未来中国石油进口仍将保持增长，但进口类型以原油为主。在当前的国际油价水平和国内市场机制基本不变的情况下，中国需要出口一定数量的成品油以缓解国内资源过剩问题。
目前，中国正不断深化国内石油市场改革，包括流通体制改革、价格体制改革，近期呼声较高的是原油进口权放开问题。目前中国成品油市场处于相对宽松的状态，而根据规划和在建炼油项目，“十二五”末炼油能力将出现较大富余。一旦原油进口放开，将更多的经济主体参与到炼油行业，国内资源必将严重过剩，从而向海外市场寻找出路，届时成品油进出口权也必须同步放开，从而对亚太乃至全球油品市场产生冲击。
目前中国能源行业出现的一些关键性变化趋势同时也在世界其他地区出现，包括经济增长放缓导致的能源需求增速的变化、天然气在不同领域对石油和煤炭的替代，以及发展中国家能源价格体制改革等，这些都将显著影响全球能源格局。此外，我们认为北美油气出口也将显著改变全球能源供应和贸易格局。
3. 美国页岩气供应对亚洲以及中国天然气市场的影响？
Dr Sun Xiansheng: 目前美国规划中的LNG出口项目有20余个，但仅有Sabine Pass项目已经通过了全部审批，具备出口条件。在向亚洲出口的计划中，已经分别与印度天然气公司和韩国天然气公司签订了350万吨/年的长期供应合同。预计从2017年开始全面履行合同。2013年5月，美国能源部批准Freeport LNG项目向非签订贸易协定国出口LNG，包括亚洲和欧洲一些最大的LNG进口国。这是近两年来此类申请首度获批,也是历史上第二次。2013年8月，美国能源部批准了Lake Charles LNG项目向非签订贸易协定国出口LNG，成为美国第三个获此批准的项目。Freeport项目和Lake Charles项目的出口能力分别为900万吨/年和1500万吨/年。至此，DOE批准向非自由贸易协定国出口LNG的项目达到3个，总出口能力达到4000万吨/年。但Freeport LNG项目和Lake Charles LNG项目还需要通过FERC的批准才能最后完成全部审批手续。因此，预计未来5年美国实际出口到亚洲的LNG将为700-1000万吨/年。
预计美国LNG出口将在价格和贸易流向上给亚洲天然气市场带来不同程度的影响。首先，美国LNG出口将加强北美与其他市场之间的联系，HH价格也将成为市场价格的重要参照物之一，平抑其他市场价格，缩小三大市场之间的价格差异。其次，美国LNG的出口将提高全球天然气市场的流动性和供应能力，加快全球天然气市场一体化进程，有利于中国乃至亚洲丰富天然气进口来源，提高供应保障的能力，同时也将给中东和澳大利亚的LNG出口带来压力，迫使这些地区和国家的部分LNG项目寻找新的目的地。
4. 中石油开展海外油气投资与中国能源安全的关系怎样？
Dr Sun Xiansheng: 由于油气资源在全球分布的不均性，石油工业从诞生起就有了在全球范围内配置资源的属性。实施国际化战略是中国石油集团增强企业国际竞争能力，实现建设成为具有世界水平的综合性能源公司的目标重要途径。
公司从上世纪90年代开始实施“走出去”战略，经过近20年的发展，中国石油集团在中亚、中东、拉美、非洲和亚太五个油气合作区超过30个国家开展油气投资业务合作，为稳定全球石油市场供应，发展资源国经济和完善油气工业做出应有的贡献。同时也为中国实现资源进口多元化、增强能源供应保障能力起到了重要的促进作用。
当前，世界能源供求格局出现新变化，油气供应西移、需求东移的大势悄然成型,美洲、非洲等地区成为全球新的油气富集区，为包括中国石油集团在内的各国石油公司带来机遇。公司积极关注这些地区的投资机会，通过多种方式参与油气合作，并将根据业务发展需求，继续发挥上下游一体化优势，展开全方位互利双赢合作，积极拓展和完善油气产业链，为当地经济社会发展做出应有的贡献。
5. 如何平衡能源需求增长和低碳可持续发展？
Dr Sun Xiansheng: 中国政府始终高度重视和坚定不移地推动环境保护和可持续发展，“十八大”报告明确提出要“大力推进生态文明建设”，“把生态文明建设放在突出地位，融入经济建设、政治建设、文化建设、社会建设各方面和全过程，努力建设美丽中国，实现中华民族永续发展”，具体而言就是做到 “坚持节约资源和保护环境的基本国策”。
在能源行业，可持续发展主要体现为能源效率的不断提高、能源结构的不断优化和能源环保水平的不断提高。对于企业而言，节能环保不仅是为了满足政府相关的法律规定，更是十分重要的社会责任和政治责任。以中国石油集团为例，在总部众多机关部门中就设有专门的“安全环保与节能部”负责相关事宜，且具有较高的优先级别，而在其他多数大型能源集团公司中也都设有类似的部门机构。
能源效率方面，2000-2012年中国GDP年均增长10.2%，能源消费量年均增速7.9%，2012年能源强度已经降至0.697吨标准煤/万元人民币，比2000年下降22.1%。“十二五”规划曾提出“2015年万元GDP能耗将比2010年下降16%”的强制目标，并将责任细化分解到了各个地区和重点企业；甚至提出了“控制能源消费总量”的目标。目前中国政府已经在工业、建筑、交通、家电等多个部门强制推行了能效标准，并持续推动淘汰高污染、高耗能产业及技术设备的工作。
能源环保方面，中国政府正不断提高相应的标准要求。以油品质量标准为例，中国用10年左右的时间走过了发达国家20-30年的历程。2011年国3汽油标准已经实施，2014年将升值国4标准，2015年升至国5标准；国3柴油标准在2013年开始实施，2015年将升级到国4标准，2018年前将升至国5标准，届时车用油品硫含量将降至10ppm以下，实现与发达国家的同步接轨。