China to open energy sector

Monopolies in China's energy sector are coming to end, with more private capital to be allowed to exploit oil and gas resources.

Reforms will no longer stress state-ownership, but will focus on competence and willingness to carry out national industrial policy, said Wang Zhen, deputy director of the institute of energy strategy at the China University of Petroleum.

Reform will prioritize the needs of the whole oil refining industry, Wang told Wednesday's China Securities Journal.

Zhong Jian, analyst with market information supplier CBI China, expects increased imports of refined oil products, allowing more private investors into the business.

Changes to these imports will not affect China's two oil giants -- PetroChina and Sinopec -- but assist pricing in the domestic market when the international price fluctuates, Zhong said.

On Tuesday, PetroChina Company Limited and China Sinopec, respectively announced 9.6 percent and 22.1 percent increases in net profit for the first three quarters.