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China National Petroleum Corporation, or CNPC, is seeking to attract private capital in five fields including international natural resource exploration, oil refining, oil sales, and the construction of pipelines and facilities.
This will be the first time that private capital will be allowed to operate in those businesses. Previously, China's energy industry was dominated by state-run entities. Experts say the Chinese oil industry, which requires large investments and advanced technology, will be helped by private enterprises to face global challenges and competition.
Meanwhile, private companies are being encouraged to invest abroad with the Chinese government saying regulators will treat every investment entity equally.