There are growing indications that the Chinese government, alarmed by last year’s “oil crisis” – which actually may have been manufactured by state- owned oil companies – is finally getting ready to liberalize its energy policy and allow more competition.
Changes may include opening up the upstream oil market and liberalizing state-controlled coal prices, which would inevitably affect the power industry.
China will gradually open oil exploration and extraction to private investors in the next five to 10 years, according to a new government policy study. If all goes well, this means the current triopoly of the upstream oil market by state-owned giants – Sinopec, PetroChina and CNOOC – would eventually be broken.
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