China Plans Faster Land Approval, Tax-Free Imports for Shale
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China pledged to prioritize land approvals for shale-gas exploration, allow tax-free equipment imports and offer subsidies to companies including PetroChina Co. tapping the largest reserves of the unconventional fuel.
The country aims to produce 6.5 billion cubic meters of shale gas annually by 2015 and ramp up output to between 60 billion and 100 billion by the end of the decade, the National Development and Reform Commission said, citing a plan drafted by the National Energy Administration. The goals match estimates issued by the Ministry of Land and Resources previously.