ConocoPhillips executive sees opportunities in China's opening-up, stresses energy cooperation

China's continued opening-up is creating opportunities for international businesses, while cooperation remains essential to ensuring global energy security, a senior ConocoPhillips executive said.

During the ninth China International Import Expo (CIIE) in Shanghai, Markel Hübinette, vice president of ConocoPhillips and president of ConocoPhillips China, expressed confidence in the Chinese market in an interview with People's Daily Online, highlighting the company's decades-long cooperation with Chinese partners.

ConocoPhillips has been operating in China for 45 years, participating in the country's energy development since the early years of reform and opening-up, he said.

Since establishing its presence in China in 1981, the company has worked with Chinese partners to discover and develop two of the country's largest offshore oilfields, he said. Among them, the Penglai oilfield remains in production.

Hübinette described the company's experience as an example of the benefits of long-term cooperation. Over the past four decades, China-U.S. relations have played an important role in the development of both countries, he said, adding that ConocoPhillips has also benefited from its partnerships in China.

Against a backdrop of geopolitical tensions and trade uncertainties, Hübinette stressed that energy security requires international trade and partnerships.

Energy security is a cornerstone for countries around the world, and geopolitical uncertainties have made it even more important, he said.

"But when it comes to energy security, no country itself can solve that," he said. "You need energy trade. Energy is a global industry with trade across the world."

Cooperation is necessary to secure energy supplies for countries and regions and ensure that supply can meet demand, he added.

Hübinette also underscored the role of high-level dialogue in maintaining stable China-U.S. relations, saying energy cooperation can contribute to that stability.

Continued opening-up means more opportunities for foreign companies to participate in the Chinese market and support Chinese businesses in expanding internationally, he said.

Hübinette voiced optimism about the energy industry's prospects in China, describing the sector as closely aligned with the country's 15th Five-Year Plan.

"I think there are many opportunities here in the future," he said.