Oil firms set to cash in on forex surplus

China's oil and gas companies could soon benefit from the government's plan to make better use of its vast foreign exchange reserves, industry journal China Petroleum Daily reported on Friday.

As part of the National Energy Administration's three-year plan for the oil and gas industry, the government is considering setting up a fund to support firms in their pursuit of foreign mergers and acquisitions, the report said.

The plan was submitted at the National Work Conference on Energy held in Beijing earlier this month.