Respected Dr. Mai, Chairman of the World Petroleum Congresses, New Chairman of the WPC, Chairman of the Norwegian Organising Committee, Chairman of the Norwegian National Committee, Ladies and Gentlemen.

First of all please allow me, on behalf of the Chinese Organising Committee of the 15th World Petroleum Congress and on my own behalf, to extend our sincere congratulations on the success of the 14th World Petroleum Congress, and our appreciation of and admiration for the outstanding efforts made by the Norwegian Organising Committee.

The 15th Congress will be held in Beijing, capital of China. We really value the selection of Beijing as the venue for this grand event by the WPC and the national committees of the member countries. Their great support and assistance are highly appreciated by us. We will follow the guidelines of the WPC, and with the support of our government, society and especially of the Beijing Municipality, we will endeavour to make the Congress a successful event for the world petroleum industry and to ensure that all the participants are happy and satisfied.

Since the founding of the People's Republic of China in 1949, China has become one of the world's major countries for oil production and petroleum processing after more than 40 years of development.

At present, the national economy is continuing to grow rapidly. A great deal of oil and gas exploration and development and downstream processing are under way and have led to encouraging results.

China is rich in hydrocarbon resources, with a large potential and a big market. In addition to relying on own efforts to accelerate the petroleum industry, we should also further our cooperation with the world. More foreign funds, advanced technologies and managerial experiences will be utilised and applied. We believe that the 15th Congress in Beijing will further promote the friendship and cooperation between the Chinese petroleum industry and the world petroleum business.

China, an open country with a long history and culture, is stretching out its arms in welcome to the distinguished guests to come to Beijing. In October, the beauty of Beijing is amazing and will remain ever fresh in the memories of those people who spend the golden season there. On this occasion, as the Chairman of the Chinese Organising Committee, I would like to extend my sincere welcome to our friends from nations around the world to reconvene in Beijing in 1997.

Thank you. 27 A PLENARY ADDRESSES PA 1 Perspective PA 2 Toward the Ideal State: Progress in the US Petroleum Industry Constantine S. Nicandros (President and CEO, PA 3 The Oil Industry of Russia: Transition towards Market Economy A. E. Putilov (President, ROSNEFT, State PA 4 Oil Supply Outlook-Decades of Challenges for Oil Producers Dr. Subroto (Secretary General, Organization of the Petroleum Exporting Countries) 51 Norwegian

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