Chinese Majors to Gain From Changes to Windfall Tax on Crude

摘要

China’s Ministry of Finance has raised the threshold for the windfall profits tax on crude oil sales levied on producers in the country, a move that should significantly increase the profitability of the country’s leading oil companies. Last week, state firms Sinopec, PetroChina and China National Offshore Oil Corp. (CNOOC) all announced that they had been notified by the ministry saying that the new threshold has been raised from $40 per barrel to $55/bbl.