China to allow outside firms to bid for six Xinjiang oil blocks

To attract diversified investment, China has decided to allow non-state-owned firms to bid on six oil and gas blocks in the Xinjiang region as part of a trial, according to Reuters, which cited China’s Ministry of Land and Resources.

Exploration has been limited in the offered blocks, which total 15,000 square kilometers and are located far from the country’s main oil and gas producing areas.

Reuters noted that bidders are each required to own net assets worth at least one billion yuan ($161 million).

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