P.M. BRIEFING : China Hints Foreign Oil Field Role
Premier Li Peng today indicated willingness to give foreign companies a role in developing China’s most promising oil field, so far closed to foreign involvement.
New China News Agency said Li made the statement during a meeting with the president of Japan’s Mitsubishi Corp., Shinroku Morohashi.
Morohashi mentioned interest in the Tarim Basin in northwestern China’s Xinjiang Uighur Autonomous Region, saying Mitsubishi “is ready to participate” in oil development there, the agency said.
“Li responded by saying these items hold great potential for cooperation,” the report said. “He said he hoped that the two sides would not only cooperate in new and big projects, but also in the technical transformation of China’s old enterprises.”
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
