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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.

Lee Hong Liang, Asia Correspondent

January 2, 2015

1 Min Read

Kalyakan - stock.adobe.com

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.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

See more from Lee Hong Liang

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