Recently, China Zhenhua Oil Trading (Singapore) Pte. Ltd. (ZHSG) received the official approval from Singaporean Enterprise Development Bureau, and renewed the GTP (Global Trader Program, "GTP") tax preference for five years from January 2023.

Global Trader Program was launched in 2001, which mainly provides tax incentives for qualified international trading companies for 3-5 years, encourages international trading companies to use Singapore as a regional or global base for business activities in the trade value-added chain, and promotes Singapore to become an international trade center.

After applying for and obtaining 3-year’s GTP qualification in 2019, ZHSG initiated its renewal application in May 2022. After multiple rounds of communication and coordination, it finally reached an agreement with the Enterprise Development Bureau on relevant conditions under the context of higher standards. The Enterprise Development Bureau also expressed its willingness to support ZhenHua Oil's development in Singapore as always.

The successful renewal has further enhanced the brand reputation of ZhenHua Oil, which is conducive to take the location advantages of Singapore market and providing a strong guarantee for the high-quality development of the Company's trade business.