Private capital to face wider choices (3)

16:22, May 14, 2010      

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Focus 3: Encourage private capital to participate in oil fields

"Private capital is encouraged to enter the oil and gas exploration and development field and cooperate with state-owned oil companies to carry out oil and gas exploration."

Expert's interpretation: Guan Qingyou, an energy research expert, said on May 13 that private capital entering into the oil and gas field is just a matter of time. The introduction of new policies has also helped to increase the market entities of the energy field and improve their competitive power to promote the development of the energy industry. Furthermore, it is also conducive to promoting the reform of state-owned enterprises in this field.

On how the new policies are carried out, Guan said that the forceful national policies are based on an independent market regulation. The oil and gas industry is an important basic industry. Various factors should be considered before the opening of policies. Therefore, some people will have different opinions. Guan believes that China's petroleum industry depends heavily on the three leading enterprises (China National Petroleum Corporation, China National Offshore Oil Corporation and Sinopec), which also give them great pressure. If private enterprises are encouraged to participate in investments, the three leading enterprises will be able to go out and win foreign investments and trade to increase China's oil security.

By People's Daily Online
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