China announced on Sunday a reform plan for the country's oil and gas industry that involves the market playing a decisive role in the sector to make it more efficient and competitive, Xinhua News Agency reported. 

The plan was approved by the Central Committee of the Communist Party of China (CPC) and the State Council.

The plan says the reform should be able to ensure the country's energy security, boost productivity and at the same time satisfy the daily requirements of the people. 

An oil field in operation in east China's Jiangsu Province. /VCG Photo

The document also states that the exploration and exploitation of oil and gas should be gradually improved and opened, as well as mechanisms including the import and export of oil and gas, the operation of the pipeline network for transport and the pricing of oil and gas products.

Oil and gas storage should be improved to increase strategic safety and supply abilities, according to the plan, which also emphasized the safety and eco-friendliness of industrial chains.

China's oil and gas sector is dominated by three state-owned heavyweights: China National Petroleum Corp (CNPC), China Petrochemical Corp (Sinopec) and China National Offshore Oil Corp.

The trio of giants have long been accused of monopolizing the oil and gas resources with redundant workers and low efficiency.