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China Considers Coal, Oil Tax

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percent_2 July 7, 2010 (Chinavestor) China is considering a new tax on coal, natural gas and oil exploration and extraction in the country's western provinces. The tax will be based on volumes produced, the government said. Australia recently proposed a controversial 40% tax on mining firms operating in that country, but the government lowered the rate to 30% after companies there threatened to reduce investments on new projects.

China is planning 23 new resources projects in the western provinces this year at a cost of $100 billion. The new tax is expected to eat into the profits of companies like PetroChina (NYSE:PTR), China's largest oil producer. Yanzhou Coal (NYSE:YZC) could be another company impacted by the tax, though the company was not mentioned specifically in press reports.

The world’s second-biggest energy consuming nation is planning to develop 13 solar power projects in six western provinces to help spur energy investment in the region, according to Bloomberg News.

China imposed a 5 percent price-based resources tax on crude oil and natural gas produced in Xinjiang, with effect from June 1, Bloomberg reported.

Yanzhou Coal (NYSE:YZC) is the third largest coal miner in China and the only American listed coal miner. Petrochina (NYSE:PTR) is the largest Chinese oil producer and is an index heavy weight.



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