China opens up oil and gas exploration, production to foreign firms
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BEIJING/SINGAPORE (Reuters) - China will for the first time allow foreign companies to explore for and produce oil and gas in the country, opening up the industry to firms other than state-run energy giants as Beijing looks to boost domestic energy supplies.From May 1, 2020, foreign firms registered in China with net assets no lower than 300 million yuan (33 million pounds) will be allowed to take part in oil and gas exploration and production, the Ministry of Natural Resources said at a media..