Wang Yilin Attends and Addresses the Opening Ceremony of LNG 2019
2019/04/08

The 19th International Conference & Exhibition on Liquefied Natural Gas (LNG 2019) opened in Shanghai on 2nd April 2019. CNPC Chairman Wang Yilin attended and addressed the opening ceremony.

Under the theme of “LNG for a Sustainable Energy Future”, LNG 2019 focused on challenges facing the industry and explored how the industry can adapt to the changing environment so as to meet the growing demand for reliable and clean energy.

In his speech, Wang Yilin pointed out the general trend of a global transition towards clean, low-carbon energy. As a clean and efficient source of energy, natural gas has become an inevitable choice for promoting global energy transformation and addressing climate change. As the fastest growing source of natural gas supply, LNG is playing an increasingly important role. Over the past two years, in particular, with robust global natural gas supply and demand, LNG trade has become a main driving force behind the growth of cross-region natural gas trade. Thanks to China’s steady economic growth, the supply-side structural reform and the acceleration of “energy revolution”, natural gas has been designated by the Chinese government as one of the main energy sources and has played a bigger role in improving the atmospheric environment and people’s quality of life. China has become the world’s largest importer of natural gas and the second largest importer of LNG.

Wang Yilin said that CNPC has always accelerated the development of natural gas business as a strategic and value-added project, and is committed to unswervingly implementing and promoting energy transformation. CNPC spares no efforts to push for a natural gas production-storage-supply-marketing system, guarantee the secure and stable supply for the domestic market, and facilitate the transition of China’s energy mix. We strive for development of the whole gas value chain and global operation. LNG, together with our self-produced gas and imported pipeline gas, is playing a significant role in securing China’s natural gas supply.

Wang Yilin called for joint efforts to address two major challenges in the sustainable growth of the global LNG market. One challenge is that the growth of LNG demand is constrained by prices; the other is that LNG trade should be more flexible. He emphasized that affordable LNG prices are indispensable to the sustainable growth of demand, and more flexible contract terms and business models are closely linked indispensable to higher market liquidity. Therefore, cooperation between the supply side and the demand side must be strengthened to boost technological and business innovation, better guarantee investment and cut costs, and promote the prosperity, stability and sustainability of the LNG market.

Wang Yilin stated that as a leader in China’s oil and gas industry and a major player in the international market, CNPC has always been a trusted and preferred partner. We will continue to strengthen natural gas exploration and production, improve the gas production-storage-supply-marketing system, optimize our diversified gas source procurement portfolio and further enhance our capability in stabilizing gas supply. CNPC looks forward to all-round, multi-level communication and cooperation with IOCs, NOCs and all other partners in such areas as natural gas E&P infrastructure construction, market development and utilization, technological innovation, and international trade, so as to build a community of shared interests through mutually beneficial and win-win cooperation and create a bright future for clean energy.

Backgrounds

Known as the “Olympic” of the LNG industry, the International Conference & Exhibition on Liquefied Natural Gas was first held in Chicago in 1968 by the International Gas Union (IGU), Gas Technology Institute (GTI) and the International Institute of Refrigeration (IIR). Since then, it has been held every three years alternating between exporting and importing countries. The event, composed of both meetings and exhibitions, has now grown into the most important global LNG event, covering all aspects of the LNG industry chain. By far, the International Conference & Exhibition on Liquefied Natural Gas have been successfully held for 18 times.

The 19th International Conference & Exhibition on Liquefied Natural Gas (LNG 2019) was the first time China hosted the event, during which seven plenary sessions , three spotlight sessions, four LNG forums, five commercial sessions, four technical sessions and one research & innovation showcase were arranged for over 240 industry leaders to address the sessions. The event attracted more than 500 companies and tens of thousands of professionals from more than 80 countries and regions.