China Opens to Foreign Oil and Gas Drilling as Domestic Production Shrivels

China Opens to Foreign Oil and Gas Drilling as Domestic Production Shrivels
A worker rides a bicycle at an oil refinery of China's Sinopec, in Wuhan, central China's Hubei Province on May 10, 2011. STR/AFP/Getty Images
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News Analysis

China’s Ministry for Natural Resources announced the removal of many competitive restrictions limiting foreign and private energy companies competing against state-owned giants. The new measure will take effect on May 1 this year.