January 5, 2012 / 2:45 PM / 6 years ago

China raises crude oil windfall tax threshold-Sinopec

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 (www.sse.com.cn).

Reporting by Jim Bai and Chen Aizhu

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