China’s government should do more to back shale oil projects in the country through preferential tax treatment for the sector, one of the biggest state-owned oil and gas giants says. The authorities need to roll out financial support policies and preferential taxes for the shale industry in China, Ma Yongsheng, chairman of China Petroleum & Chemical Corporation, or Sinopec, said on Wednesday, as quoted by Reuters. China has a lot of shale oil reserves, but their extraction is more complex than in the U.S. due to geology constraints,…
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