China raises crude oil windfall tax threshold-Sinopec

BEIJING Thu Jan 5, 2012 9:45am EST

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BEIJING Jan 5 (Reuters) - China has raised the threshold of windfall tax on crude oil production to $55 a barrel from the previous $40, effective from November 1 last year, Sinopec Corp , the country's second largest oil producer, said in a statement.

This indicated oil producers would pay less tax for their crude oil production.

The statement was published on the Shanghai Securities Exchange's website (

(Reporting by Jim Bai and Chen Aizhu)

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