SASAC Director Cheng Fubo Urges CNPC to Increase Reserves and Accelerate Transition

On August 14, Cheng Fubo, Party Secretary and Director of the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council, visited China National Petroleum Corporation (CNPC) to review its work on safeguarding energy security, technological innovation and industrial development, deepening reform and Party building.

During the visit, Cheng stressed that CNPC should give priority to securing energy supply, intensify efforts to increase reserve replacement and production, coordinate efficient exploration with profitable development, and strengthen its ability to acquire quality resources. At the same time, the company should solidly pursue steady growth and efficiency gains, keep tracking and assessing market supply, adjust its business strategies in a timely manner, make determined efforts to reduce costs and improve efficiency, and reasonably expand effective investment.

Cheng also called for ensuring that the new round of plans for reforming state assets and enterprises is implemented with visible results, accelerating the establishment of institutions and mechanisms suited to a world-class company, further strengthening look-through supervision, firmly shouldering responsibility for ecological and environmental protection, and resolutely holding the bottom line against workplace safety risks. CNPC must uphold Party leadership and intensify Party building, establish and practise a correct view of performance, carry forward the petroleum spirit and the Daqing spirit and Iron Man spirit, and advance full and rigorous Party governance in depth.