Three departments issued import tax incentive policies for energy resource exploration, development, and utilization during the 14th Five-Year Plan period

The Ministry of Finance and three other departments issued a notice regarding the import tax incentives for energy resource exploration and development during the 14th Five-Year Plan period. It states that for self-operated projects engaged in oil (natural gas) exploration and development activities in China's marine areas (referring to internal seas, territorial seas, continental shelves, and other marine resource jurisdiction areas, including shallow coastal areas), as well as emergency rescue projects for offshore oil and gas pipelines, equipment (including technical materials imported with the equipment according to the contract) that cannot be produced domestically or whose performance cannot meet the needs, and that are directly used for exploration and development operations or emergency rescue, will be exempt from import tariffs