In a move to enhance the domestic energy supply chain, China's Ministry of Finance, General Administration of Customs, and State Taxation Administration have jointly issued a notice on import tax incentives for energy resource exploration and utilization during the "15th Five-Year Plan" period. The policy introduces several key measures.

First, self-operated oil and natural gas exploration and development projects conducted in China's maritime areas, along with emergency rescue projects for offshore oil and gas pipelines, will be exempt from import tariffs on relevant equipment and instruments.

Second, for Sino-foreign cooperative projects involved in oil and natural gas exploration and development in China's maritime areas, import tariffs and import value-added tax will be waived on necessary equipment and instruments.

Third, eligible imported natural gas will receive a partial rebate on import VAT. Specifically, for long-term gas contracts signed before the end of 2014, 70% of the import VAT will be refunded. For other eligible natural gas imports, the rebate will amount to 80% of the difference between the import price and a benchmark reference value.

These measures are expected to strengthen China's offshore oil and gas exploration capabilities, improve emergency response levels, reduce import costs for related enterprises, and promote the utilization of natural gas resources. The policy is seen as vital for ensuring stable national energy supply.