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Volume of Hainan's oil and gas industry may exceed $140 bln

In April 2018, President Xi Jinping said that the Chinese authorities intend to actively involve Hainan in globalization and to draw foreign investors to the island province

HAIKOU, May 27. /TASS/. Hainan's oil and gas industry is constantly growing, and soon its volume in the structure of the annual gross regional product should exceed the trillion yuan mark (more than $140 billion), stated the deputy of the National People's Congress (China's highest legislative body) Li Ping.

“Over the past 18 years that I spent in the western part of the island, I have been able to observe how the local oil and gas industry has dynamically developed and significantly strengthened,” the Hainan Daily quoted him as saying. “Our province has become one of the Chinese regions where natural gas extraction is carried out most actively in the offshore fields. Therefore, Hainan's free trade zone has a reliable very eco-friendly energy base". 

According to Li Ping, Hainan is not only increasing oil and gas production, but is also engaged in industrial processing in order to obtain various petroleum products, refining and transportation of energy, as well as their storage.

“Our province has created an integrated industry chain where there are no missing links. Hainan is engaged in everything from conducting survey work to regular deliveries,” the official explained.

According to statistics, in January-April oil companies registered on Hainan produced 101,100 tonnes of oil (an increase of 0.5% year on year) and 34 million cubic meters of natural gas (an increase of 3.4%).

In April 2018, President Xi Jinping said that the Chinese authorities intend to actively involve Hainan in globalization and to draw foreign investors to the island province. By 2050, according to the authorities, the island should become a unique international cluster with an advanced economy, developed tourism, top-notch scientific, technical and financial potential, and modern medicine. The branches of the best universities and offices of the most powerful corporations in the world will be located on the Island of Hainan.

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