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Sinopec gets $366 mln tax rebate for fuel imports

Fri Jul 4, 2008 3:11am EDT

Stocks

   

BEIJING, July 4 (Reuters) - Sinopec Group, parent of Sinopec Corp (0386.HK), received a 2.51 billion yuan ($365.9 million) tax rebate on gasoline and diesel imports from April to June, the official Xinhua news agency reported on Friday, citing the Ministry of Finance.

Beijing said in April that it would refund the 17 percent tax on 2 million tonnes of fuel to be shipped in by Sinopec Group and 1.5 million tonnes by rival CNPC, parent of PetroChina (0857.HK) (601857.SS), in a move to shore up stocks ahead of the Olympics.

But the two firms were still awaiting final government word on whether the tax rebate, which began last December, will be extended into the third quarter.

($1=6.860 Yuan)

(Reporting by Jim Bai, editing by Chen Aizhu and Jonathan Hopfner)



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