HONG KONG: Hong Kong-listed Brightoil Petroleum says it is poised to benefit from China’s announcement to increase tax cuts on crude oil.
The directors of Brightoil Petroleum (Holdings) Limited believe that the implementation of the Notice shall provide a positive effect to the oil upstream business of the Group,” said Brightoil in a release. Beginning January 1, 2015, the special oil profit levy will raise the tax-free threshold to $65 per barrel from $55 in China.
Brightoil currently holds a 40 percent interest and a 30 percent interest in two offshore oil blocks in Bohai Bay in Northeastern China.
The sites are producing a steady amount of oil, according to the company, which will also bode well for the company’s interests in oil storage in the same area.
The past year has seen major reshuffle top management for Brightoil, with the stepping down of its founder as CEO and the confirmation of a new Singapore CEO.
