Chinanews, Beijing, November 10 – After years of effort, China is starting to open oil exploitation right to private businesses. The State Development and Reform Commission unclosed this information recently.

 

Currently, the Chinese government is formulating regulations on private businesses’ entry into this field, which will contain provisions as regards their capital, technological level, security level and environmental protection methods.

 

“The Ministry of Land and Resources and we are working to set a proper standard for private businesses to claim oil exploitation right, ”said an official from SDRC.

 

Though private oil enterprises have played an irreplaceable role in China’s oil market, current regulations have so far restrained them from further development, so the opening of oil exploitation right will be good news to them, and of course to the country’s oil industry.