Sydney—Australia’s proposed carbon tax islikely to have a negative short-term impact onlocal oil and natural gas exploration and pro-duction companies and LNG producers, withSantos the hardest hit, analysts BernsteinResearch said in a note July 11. The government of Julia Gillard July 10unveiled the details of its proposed carbon tax,which is to apply from July 1, 2012 at A$23($24.72)/mt (see story, p. 1). The tax will riseby 2.5% a year in real terms until July 1, 2015,when the mechanism will transition to an emis-sions trading scheme under which the price ofcarbon will be determined by the market.
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