Market set to get greater role in oil and gas sector

The market-oriented reform of the country's oil and gas sector will give the market a decisive role in the industry, allowing broader participation in a sector dominated by State-owned companies, analysts said.

"The blueprint for the heavily monopolized energy sector won't have any serious impact on the dominance of State-owned trio of giants in the sector, but will definitely encourage the entry of independent companies into the industry and diversify the market players," said Wang Lu, an Asia-Pacific oil and gas analyst at Bloomberg Intelligence.

China's oil and gas sector is dominated by three heavyweights: China National Petroleum Corp, China Petrochemical Corp and China National Offshore Oil Corp, which have long been accused of monopolizing the nation's oil and gas resources.