PetroChina, Sinopec Say Threshold on Windfall Tax Increased
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China raised the threshold on a windfall tax paid by crude oil producers including PetroChina Co. and China Petroleum & Chemical Corp. in a move that analysts say may spur exploration of the nation’s energy resources.
The threshold was raised to $55 a barrel from $40 effective Nov. 1, PetroChina and China Petroleum, known as Sinopec, said in statements filed to the Hong Kong stock exchange yesterday. The tax was introduced in March 2006. Shares rose.