BEIJING: Global energy company Baker Hughes will accelerate localised development strategies for its core business in China to further tap market potential in the world’s second-largest economy, according to a senior company executive.
“We will make progress through strategic trials to better meet the distinctive demand in the China market,” said Cao Yang, vice-president of Baker Hughes and president of Baker Hughes China.
“China’s determination to ensure energy security as well as its commitment to energy transition in an orderly manner will bring about huge business opportunities to foreign enterprises in relevant sectors,” Cao said.
Baker Hughes will continuously expand its supply chain capability in China while striving to complete one-stop services for customers.
This includes product manufacturing, processing and talent cultivation, he added.
As the Covid-19 pandemic continues, global industrial and supply chains are under stress and energy security has become an urgent challenge for many economies in the world.
China, a country with rich coal resources but also a relatively high reliance on oil and natural gas imports, has withstood the tests to effectively cushion the impact of volatile international energy prices in the past few years, experts said.
The National Energy Administration (NEA) said the country’s energy supply system had improved over the past decade with a self-sufficiency rate exceeding 80%.
Ren Jingdong, deputy head of the NEA, said at a news conference on the sidelines of the recently concluded 20th National Congress of the Communist Party of China that the country will give full play to coal as the ballast stone in the energy mix while enhancing oil and natural gas exploration and development. — China Daily/ANN