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People's Daily Online>>China Business

China, Kazakhstan initiate oil, gas cooperation

(China Economic Net)

13:53, December 15, 2011

Edited and translated by People's Daily Online

]The 2011 China-Kazakhstan Oil and Gas Equipment and Parts Suppliers Forum recently kicked off in Beijing. More than 70 companies from Kazakhstan and China's oil and gas industry attended the forum.

The attendees said the trade cooperation between Chinese oil and gas equipment manufacturers and Kazakh purchasers still has to be conducted through third-party organizations at the present time. This has not only reduced the manufacturers' profits but also prevented manufacturers from providing high-quality services directly to purchasers.

Both the governments and companies of China and Kazakhstan are eager to establish a bilateral platform for direct communication and business negotiations to further deepen cooperation in the oil and gas equipment sector.

The Kazakh government plans to invest more than 100 billion U.S. dollars in its oil and gas industry over the next few years and to increase its daily crude oil exports to 3 million barrels by 2020.

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