Companies / China
Top Three Chinese Oil Firms Pay US$2bn To Government In H1 2006
September 2006 | Industry NewsChina's three largest oil firms have together paid CNY16bn (US$2bn) to the government from oil sales revenues in the first half of this year. At the end of March, China imposed a special levy on income derived from the sale of locally produced crude oil at a price exceeding US$40 per barrel. The levy was introduced to balance the huge profits of oil producers achieved through soaring oil prices, according to the National Development and Reform Commission (NDRC). As stated by interim reports released by the three largest state-owned oil companies, PetroChina paid a special oil income levy of CNY10.3bn,
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