OREANDA-NEWS. July 03, 2013. Despite China's relative economic downturn, the country will continue to be a major customer for the world's oil and gas companies, the managing director of BP said.

"China's 7.7 percent economic growth is not a downturn for most of the world", Iain Conn said.

Conn was speaking during a signing ceremony with Tsinghua University concerning the establishment of the Center for China in the World Economy.

"The small downturn is probably a good thing for China, and for the world," said Conn.

He said it is possible that BP will invest in refineries in China, but only provided that it can ensure quality.

BP is one of the first group of foreign companies to participate in China's shale gas exploration by cooperating with Chinese oil companies.

BP supported establishing the center by donating USD3.2 million and providing governance advice from 2004 to 2013 to Tsinghua University.