Policy & Regulation

China to waive import duties on certain oil and gas equipment

China will waive duties on imports of certain oil and gas exploration and development equipment during the twelfth Five-Year Plan period (2011-2015), the Ministry of Finance said Thursday.
By James Byrne and Terry Wang 2 September 2011 0 871

China will waive duties on imports of certain oil and gas exploration and development equipment during the twelfth Five-Year Plan period (2011-2015), the Ministry of Finance said Thursday.

According to the announcement, imports of such equipment used in desert and deep sea projects will be exempt from duties provided the equipment cannot be made in China or, if available domestically, cannot complete the task.

Furthermore, gas and oil blocks with co-operative projects run jointly by domestic and foreign companies will have import duties and value added taxes...