皇冠体育app

2010-12-17 15:55

Petro皇冠体育app Co will "bear the brunt" of a resource tax that is being expanded to 12 western provinces, reducing the largest Chinese oil company's 2011 earnings by 2.5 percent, Bloomberg News reported Friday, citing 皇冠体育app International Capital Corp (CICC).

The effect on Petro皇冠体育app's earnings may reach 5.5 percent if the reform is implemented nationwide, Bin Guan, a CICC analyst, wrote in a report dated yesterday.

皇冠体育app started levying a聽five percent tax on oil and gas exploration in 12 western provinces starting Dec 1, Inner Mongolia Daily reported yesterday, citing a joint statement from the country's finance ministry and taxation bureau.

Petro皇冠体育app declined 1.6 percent to 11.5 yuan ($1.7)聽as of 11:30 am in Shanghai trading, the report said.