“The Belt & Road" is a national top-level cooperative initiative put forward by Comrade Xi Jinping, President of China.It is a major strategic decision made by the Party Central Committee and an important platform for building a community of human destiny and realizing community of shared interests.China's oil & gas enterprises are responsible for the national energy security and serving the initiative.“The Belt & Road" initiative has become the main battlefield for the cooperation of competitive industrial capacity. Taking China's oil & gas cooperative project with Russian minority shareholders as an example, this paper expounds the issues and causes of the actual operation of the project, puts forward feasible suggestions, implements targeted management measures, guarantees the rights and interests of Chinese minority shareholders, and achieves mutual benefit with major shareholders to build the community of shared interests.