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Brightoil to benefit from China’s oil tax cuts

Brightoil to benefit from China’s oil tax cuts
Energy enterprise Brightoil Petroleum is expecting to benefit from China’s announcement to increase tax cuts on crude oil.

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.