Chinese Energy Giants Signed USD 66 Bn Dealsat CIIE

Author: Fuller Wang, Global Times Nov 07, 2022 03:11 PM (GMT+8)

China is ramping up energy imports, such as coal, to guarantee energy supplies amid an economic recovery while pushing for a transition to green, sustainable energy. In both cases, the deals offer many business opportunities for international giants.

Oil and gas production equipment

Chinese companies have so far signed contracts worth at least USD 69 billion with global energy giants to buy products related to the energy sector, ranging from oil to rubber, at the 5th China International Import Expo (CIIE) in Shanghai, according to information obtained by the Global Times and media reports. At the major import expo, China's 'three oil barrels,' a nickname for three state-owned energy giants - China National Petroleum Corp (CNPC), China Petroleum and Chemical Corp (Sinopec) and China National Offshore Oil Corp (CNOOC) - have signed purchasing contracts worth more than CNY 480.9 billion (USD 66.53 billion).

Other domestic energy companies are also signing deals. China Energy Investment Corp signed about USD 2.5 billion in contracts with 40 companies from 18 countries and regions, up 38 percent from the previous CIIE. It bought coal, high-end equipment and other goods from supplies in countries such as Russia, Germany and the US, according to media reports. Subsidiaries of State Power Investment Corp signed contracts worth about USD 458 million with 13 international companies, including fuel components and technical equipment. It signed contracts worth about USD 250 million to import coal to help guarantee supplies this winter and next spring.