CNPC and BP sign strategic cooperation agreement

Under the agreement, CNPC and BP will further strengthen cooperation in oil and gas development, and continue to expand fuel retailing business in China in terms of both scope and cooperation mode. The two sides will explore cooperation opportunities in crude oil, oil products and natural gas trade, work together on carbon emissions trading, and share knowledge and experiences around technology and corporate governance. Also, both parties are expecting to push forward the joint development project at Rumaila oilfield in Iraq.

"CNPC and BP have enjoyed a longstanding, cooperative relationship involving projects both in and outside of China," said Wang Yilin, CNPC Chairman. "This framework agreement on strategic cooperation will further facilitate our two companies' joint efforts in exploring opportunities on a global scale, be conducive to enhancing cooperation, and take our strategic partnership to a new height."

"The success of our Rumaila oil field project in Iraq has convinced us that there are more opportunities for cooperation between CNPC and BP," said Bob Dudley, BP Group Chief Executive. "This strategic partnership not only strengthens the relationship between the UK and China’s largest energy companies, it further cements the relationship between China and the UK as global business partners."

During his stay in the UK, Mr. Wang Yilin also attended some other meetings, such as the Fourth Sino-British Energy Dialogue Conference, Minister’s Hosted Tea with Oil & Gas Executives, and UK-China Business Leaders Summit.