Starting from 1 January 2015, China’s ministry of finance has increase the threshold of the special oil profit levy from $55 per barrel to $65 per barrel.
Hong Kong-listed Brightoil said the new oil levy will provide a “positive effect to the oil upstream business of the group.”
Brightoil, also a marine fuels supplier headquartered in Shenzhen, holds participating interest in two offshore oil blocks in Bohai Bay in northeastern China.
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