China To Open Oil, Gas Industry to Foreign Companies

China will open its arms for foreign oil and gas companies, and for local private E&Ps, the country’s Ministry for Natural Resources told media as quoted by the China Global Television Network. The move will “stimulate market vitality” the media quoted the official as saying. Reuters added that there will be certain limits on who will gain access to China’s oil and gas deposits. According to the Ministry of Natural Resources, these will be companies with net assets worth no less than $43 million. China has been actively…