China Briefing News

CNOOC to Buy Canadian Oil Company in US$15 Billion Deal

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By Nicholas Clement Jul. 26 – China’s third-largest oil company, the China National Offshore Oil Corporation (CNOOC), has agreed to pay US$15.1 billion in cash to acquire the Canadian oil company Nexen Inc. If this deal is successful, it will be the largest overseas takeover by a Chinese company. CNOOC is offering US$27.50 a share, […]

China Kicks off National Resource Tax Reform

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After being delayed twice, China’s resource tax reform is finally going national. Starting on November 1, crude oil and natural gas will be taxed based on sales rather than the amount of production, and coking coal as well as rare earths will be subject to higher tax rates.

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