Shanghai inks strategic cooperation deal with CNOOC


The Shanghai government signed a strategic cooperation agreement with the China National Offshore Oil Corp (CNOOC), the largest offshore oil and gas producer in the country, on Wednesday.

Both sides will cooperate in the oil and gas field development, clean energy supply and high-end equipment manufacturing. They will promote diversified energy supply, establish an international energy trading platform, support the economic development of Shanghai and help the city to achieve the goals of carbon peak and neutrality.

Li Qiang, Shanghai Party secretary, said that the security and sustainable development of energy is crucial to urban operation and development. The government hopes to enhance cooperation with CNOOC in the fields of energy supply, clean energy, science and innovation and finance and trade.

Wang Dongjin, CNOOC chairman, said that Shanghai is one of the most important strategic development places of the company because the city has advantages in business environment, science and technology talent and financial services.

He added that the company will increase its investment in Shanghai, support the city's energy supply and the adjustment of energy structure, promote the development and utilization of clean energy and participate in the construction of Shanghai as a financial center and a science and technology innovation center.