NOCs Cheer Higher Windfall Tax Threshold, Boosting Outlook

摘要

BMI View: From the point of view of China's NOCs, the higher windfall tax threshold will help offset the effects of the recently implemented 5% sales tax, boosting their bottom lines. In line with this development, we could also see China's NOCs raise investment in domestic upstream activity, at a time when these companies' foreign ventures tend to attract more attention. Similarly, more foreign investors may be tempted into the Chinese upstream oil segment.