Chinese firm proposes Eurasian common oil and gas market

(AGI) Astana, Sept 29 - An integrated Eurasian oil and gasmarket was proposed by Chinese oil and gas company Sinopec, itsCEO Wang Zhigang said at Astana's KazEnergy Eurasian Forum onTuesday. Sinopec Corp is 70 percent owned by China'sPetrolchemical Corporation, Wang Yue Pu."We need to establish acommon Eurasian oil and gas market in order to promote oil andgas cooperation within the plan called 'One belt - one way'.The market has to have a type of open market assisting in theintegration of subregional markets of Northeastern,Southeastern and Eastern Asia with the gradual development ofinformation openness," he said. This would enable member statesto exchange reserves and sell them. He also pointed out thegrowing cooperation between Kazakhstan and China in the sector."Chinese oil companies invested more than USD 30 billion in 25joint projects in Kazakhstan in 2014," he said. It will also beimportant to create a corridor for the transportation ofpetroleum products and gas in Eurasia, he added. . .