Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Incorporated in Hong Kong with limited liability under the Companies Ordinance)
(Stock Code: 883) Voluntary Announcement
The Company received a notice today issued by the MOF
regarding the increase of the threshold of the special oil
income levy. Pursuant to this notice, the threshold of the
special oil income levy has been increased to US$55 per
barrel with effect from 1
November 2011.
This announcement is made by the Company on a voluntary
basis.
CNOOC Limited (the "Company") received a notice today issued
by the Ministry of Finance of the People's Republic of
China (the "MOF") regarding the increase of the threshold of
the special oil income levy (Cai Qi [2011] No. 480) (the
"Notice"). Pursuant to the Notice, as approved by the State
Council, the MOF has decided to increase the threshold of the
special oil income levy to US$55 per barrel with effect from
1 November 2011. Notwithstanding such adjustment, the special
oil income levy will continue to have 5 levels and will be
calculated and charged according to the progressive and
valorem rates on the excess amounts. The levy will be
calculated on a monthly basis and collected on a quarterly
basis. Details of the level of the levy are as follows:
Crude oil prices (US$/barrel) | Level of levy |
55-60 (inclusive) | 20% |
60-65 (inclusive) | 25% |
65-70 (inclusive) | 30% |
70-75 (inclusive) | 35% |
Over 75 | 40% |
Following the increase of the special oil income levy threshold, the Notice of the Ministry of Finance on Printing and Issuing the Management Rules on the Imposition of Special Oil Income (Cai Qi [2006] No. 72) shall continue to apply with respect to other issues relating to the collection and management of the special oil income levy.
1
This announcement is made by the Company on a voluntary
basis.
By Order of the Board CNOOC Limited Jiang Yongzhi
Joint Company Secretary
Hong Kong, 6 January 2012
As at the date of this announcement, the Board comprises the
following:
Executive Directors
Li Fanrong
Wu Guangqi
Non-executive Directors Wang Yilin (Chairman) Yang Hua (Vice
Chairman) Zhou Shouwei
Wu Zhenfang
Independent Non-executive Directors
Chiu Sung Hong
Lawrence J. Lau
Tse Hau Yin, Aloysius
Wang Tao
2
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