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By Zhao Runhua / Apr 04, 2019 05:48 PM / Business & Tech

Photo: VCG

Photo: VCG

In a gesture of openness, China says it wants to encourage the entry of more wholly foreign-owned projects in the petrochemical industry, which has so far been dominated by state-owned enterprises.

Chinese Vice Premier Han Zheng said at a Thursday meeting with multinational energy giant Exxon Mobil’s CEO Darren Woods that the company is welcome to expand investment and set up more large “wholly foreign-owned petrochemical projects” in China, state-run Xinhua News Agency reported.

Han said opening-up is one of China’s fundamental policies, and that the country has been “actively” attracting foreign investment.

China remains a crucial market for global energy companies. As China continues to clean up its energy act, Exxon Mobil has also tied up with Chinese partners in liquefied natural gas projects, in addition to traditional petrochemical projects like gas stations.

Related: ExxonMobil Wants Its Own Multibillion-Dollar Plant in Guangdong

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