CHINA-ECONOMY: OIL EXPLORATION
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China's Vice Minister of Natural Resources Yao Huajun, said at a press briefing in Beijing on January 9 that effective May 1, all companies registered in China with net assets of 300 million yuan ($43 million), no matter whether domestically or foreign funded, will be allowed to apply for licenses to conduct oil and gas exploration and production. The new policy will end strict control over the sector by a few state-owned giants. However, China's national oil companies have so far ignored demands to disclose geological data of oilfields, where preliminary exploration has already been conducted.
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