Beijing to ease ownership rules on oil exploration, city gas networks

Beijing is easing foreign access to a range of China’s industries including oil, mining and city gas pipelines as the government follows through on pledges to open up to overseas investors, reported Caixin.

China will scrap the need for joint ventures in oil and gas exploration, and for domestic control of gas networks in cities with more than 500,000 people, said the National Development and Reform Commission in a statement online. The statement formed an update to the commission’s so-called negative list of industries where overseas investors are restricted or banned.

The new rules take effect July 30. The commission said it will also scrap all the restrictions not mentioned in the negative list by the end of this year.