Friday, 29 May 2020 | 00:53
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China removes import quotas on some tax-free oil and gas drilling equipment

Monday, 30 March 2020 | 19:00

China said it is to remove import quotas on some tax-free onshore and offshore oil and gas drilling equipments used in some specified regions, the finance ministry said in a statement on Monday.

China introduced an application-based import quota regime in 2016 to offer import tax waivers for nearly 400 pieces of equipment used in oil and gas exploration, in order to boost domestic energy output.

The import tax waiver will be implemented on oil and gas drilling at some onshore projects in Inner Mongolia, Qinghai, Xinjiang and Tibet and offshore exploration projects.
Source: Reuters (Reporting by Muyu Xu and Shivani Singh; Editing by Toby Chopra)

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