China touts foreign access to oil and gas ahead of US trade deal
China said it will open up oil and gas exploration to private and foreign firms, offering further details of a policy that will help assuage concerns over access to the industry ahead of next week’s signing of an interim trade deal with the US.
BY BLOOMBERG NEWS
Companies with net assets of at least CNY 300 million yuan (USD 43 million) can apply for licenses as part of “a major reform,” the resources ministry said at a briefing on Thursday. Previously, only state-owned firms have been eligible for permits, an approach that has retarded efforts by Beijing to expand domestic production and cut its enormous import bill.
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