A ship docks at Zhoushan Port. [Photo/WeChat account: china-zjftz]

Experts and entrepreneurs explore the way to boost the development of oil and gas industry at a forum held in Zhoushan, East China's Zhejiang province.

The forum is a warm-up activity for the fourth International Petroleum and Natural Gas Enterprises Conference which will be held on Nov 10 in the city.

Wang Zhen, head of CNOOC Institute of Energy Economics Research, believes that traditional energy, including oil and gas, will be utilized more efficiently as the energy system will develop towards cleanness, low carbon, and high efficiency.

"In recent years, profound changes have occurred in oil and gas industry and the oil and gas industrial chain has been adjusted," said Song Hongjiong, CEO of Wuchan Zhongda Group. "China's carbon peaking and neutrality targets set tone for the country's economic development over the following 10 years and have profound impact on oil and gas industry."

Wang Baibing, product development director of Zhejiang Mercantile Exhange Co Ltd, discussed the opportunities brought by digitalization to petrochemical industry.

He suggested that petrochemical companies should seek to reinvent their business model by digital means and explore more convenient and transparent online sales channels.

Huawei, deputy director of the management committee of Zhoushan area of the China (Zhejiang) Pilot Free Trade Zone, said that a 1 trillion yuan ($156.42 billion) worth of oil and gas industry has taken shape in Zhejiang FTZ.

Zhejiang FTZ become the first in the country to pilot cross-border renminbi settlement in carrying trade of oil and the facilitation of cross-border RMB settlement in oil trade.

The cross-border RMB settlement in Zhejiang FTZ has accumulated to 365.06 billion yuan, benefiting more than 800 companies in the province.