BEIJING (Reuters) - China has removed a tariff imposed on drilling equipment used in 20 oil and natural gas prospecting fields in western China in a move to boost oil production, the Ministry of Finance said on Friday.
The tax reduction, to be applied until Dec. 31, 2020, applies to oil blocks and natural gas reserves in four regions including Xinjiang, Inner Mongolia, Tibet and Qinghai province, the ministry said.
For jointly developed oil fields, China also removed valued added tax for over 100 types of equipment, it said.
(Reporting by Meng Meng; Editing by Kenneth Maxwell)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app