China to encourage foreign investment in oil and gas
Updated: 2011-04-07 12:48
BEIJING - China will encourage foreign investment in oil and gas exploration and development and ethylene projects with capacity of no less than 1.0 million tons per year (tpy), Reuters reported on Wednesday, citing the National Development and Reform Commission (NDRC).
However, the government would restrict foreign investment in petrochemical projects, including crude distillation units with capacity lower than 10 million tpy, fluid catalytic cracking units with capacity below 1.5 million tpy, hydrocracking units with capacity less than 1.5 million tpy, and continuous reformer with capacity below 1.0 million tpy.
The NDRC and the Ministry of Commerce made the revisions public late last week to solicit public opinion via email before the end of April. The guidelines for foreign investment in China were last revised in 2007.
Foreign readers are invited to share your China stories.
China accounted for 33% of global fine art sales.
Lack of sponsorship appears to be why Chinese drivers have yet to race in a Formula 1 event