Zhu Congjiu, vice-governor of Zhejiang, delivers a keynote speech at the main forum of the International Oil and Gas Trading and Maritime Services Forum 2020, which was held in Zhoushan, East China's Zhejiang province, on Oct 16. [Photo/WeChat account: china-zjftz]

The main forum of the International Oil and Gas Trading and Maritime Services Forum 2020 was held in Zhoushan, East China's Zhejiang province, on Oct 16, local media reported.

The event was attended by more than 240 people from over 130 companies.

Zhu Congjiu, vice-governor of Zhejiang, delivered a keynote speech, saying that the China (Zhejiang) Pilot Free Trade Zone (FTZ) has been exploring a number of reforms meant to facilitate investment and trade in oil and gas since it started operating in 2017.

"The Zhejiang FTZ is currently home to 7,000 oil and gas companies, more than any other areas in China, and its trade in oil products increased by an average of 121 percent per year over the past three years," added Zhu.

Zhu promised to strengthen its implementation of the Foreign Investment Law and regulations on the business environment in order to offer local companies the best possible business environment and policies.

"The Chinese market will become more competitive, as a diversified supply system has taken shape in China," said Pang Guanglian, deputy secretary-general of the China Petroleum and Chemical Industry Federation (CICIF). He added that China will still have a huge market for petroleum and petrochemicals, especially natural gas, chemical products, and new materials.

"The measures taken by the Chinese government has not only increased the confidence of private companies, but also convinced foreign companies such as BASF and Saudi Aramco to increase investment in China," said Pang.

Thomas Waymel, global president of Total SE in charge of trade and supply, said he believes that eco-friendly and low-carbon energy will be more widespread in the future and that the sales of oil products are expected to reduce from 55 to 35 percent of their total sales volume in 2030, while sales of natural gas and electricity will increase significantly.

Waymel said that Total shares the same development goals as China, which aims to achieve carbon neutrality before 2060, resulting in more cooperation opportunities between two of them.

He said his company will expand cooperation with China in biofuel, liquefied natural gas, and renewable energy sources.

Carbon neutrality is achieved when net carbon dioxide emissions equal zero, either by balancing emissions with removal actions, or simply by eliminating carbon dioxide emissions altogether.