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China plans to levy oil excess profit tax
www.chinanews.cn 2006-05-30 08:50:15
Chinanews, May 29 - Zhu Jianjun, director of the system reform section
under the China National Petroleum Corporation's development research
department, revealed that based on three major changes facing the oil
industry, related departments are working over to raise petroleum
resource tax and planning to levy excess profit tax.
It is learned that the changes in global oil supply-demand situation are
mainly reflected in Asian and Pacific regions' consumption growth. It is
predicted that the Asian and Pacific regions will overtake North America
in oil consumption and become the largest oil consumer in the world this
year. At present, Asia's dependency on oil import has exceeded 70%.
China's dependency on oil import will also increase consequently. Zhu
estimated that by 2020, China's oil consumption will reach 450 to 500
megatons while domestic output will amount to 200 megatons, which means
that China's oil import dependency will go up to 60% and its oil supply
will shift from domestic market-oriented to overseas market-oriented. In
terms of international oil price, Zhu believes that the average oil price
will range from 55 to 60 US dollars per barrel in 2006 and it is unlikely
to drop to below 40 US dollars per barrel in the coming two or three
years.
Zhu added that China's related departments are studying on the adjustment
of oil industry-related polices. "China's oil resource tax consists of
several tiers and the level is obviously lower than that of foreign
countries. Hence China needs to adjust related policies and the base of
oil resource tax will be raised by a large margin." said Zhu. He also
revealed that China would impose excess profit tax on the oil industry.
Profits of upstream oil production when the price is over 40 US dollars
will be collected by the government for a second distribution to
subsidize industries and institutions affected by oil price hike, such as
transportation and oil refining.
��Stable long-term oil supply predicted
��Crude oil deficiency to reach 270mt by 2020
��Kazakhstan oil piped into China
��Oil prices in China will not rise sharply
��China possibly uses excessive forex reserves for oil reserves
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