China raises oil windfall tax to US$55
Source: Bloomberg News |
January 6, 2012, Friday
|
Print Edition
Print Edition
CHINA Petroleum & Chemical Corp said the Ministry of Finance has increased the threshold of the nation's oil windfall tax to US$55 per barrel, effective November 1, 2011.
The company, known as Sinopec, said it received the notice about the so-called special oil income levy yesterday, according to a statement filed to the Hong Kong stock exchange. Chinese oil producers pay a tax on revenue from crude sold above US$40 a barrel under a levy introduced in March 2006.
Chinese provincial governments raised a resources tax on crude oil sales to 10 percent from 5 percent in November, replacing a volume-based levy. The ministry's action is the central government stepping in to offset the additional tax, Gordon Kwan, Hong Kong-based head of regional energy research at Mirae Asset Securities HK Ltd, said in a phone interview.
"This is good for the three major oil companies and the major oil players," he said. "Anyone operating in China has to pay this tax. This will encourage more offshore China exploration as well as onshore."
The company, known as Sinopec, said it received the notice about the so-called special oil income levy yesterday, according to a statement filed to the Hong Kong stock exchange. Chinese oil producers pay a tax on revenue from crude sold above US$40 a barrel under a levy introduced in March 2006.
Chinese provincial governments raised a resources tax on crude oil sales to 10 percent from 5 percent in November, replacing a volume-based levy. The ministry's action is the central government stepping in to offset the additional tax, Gordon Kwan, Hong Kong-based head of regional energy research at Mirae Asset Securities HK Ltd, said in a phone interview.
"This is good for the three major oil companies and the major oil players," he said. "Anyone operating in China has to pay this tax. This will encourage more offshore China exploration as well as onshore."
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