Weekly Review of Energy News (September 26, 2011)

Resource tax reform will be national launched （Source: hc360.com）

◆ Resource tax reform will be national launched and tax rate will be set at about 5%
State modify Tax resources Ordinance, add a new way which determines tax rate according to price.
Resource tax rate is expected to be about 5%.

Interests of oil companies are seriously affected.

Oil companies seek to transfer the cost.
◆ China will implement new policy to give subsidy for Fuel-efficient cars
◆ China states that it is illegal for foreign countries to explore South China sea oil and gas