12/01/2012
[10 January 2012, Hong Kong] MIE Holdings Corporation (“MIE” or the “Company”, together with the subsidiaries, the “Group”; Stock Code: 1555), said Monday in a filing with the Hong Kong Stock Exchange, that the Ministry of Finance of the People’s Republic of China (“MOF”) issued a notice regarding the increase of the threshold of the special oil income levy (“Notice”) paid by crude oil producers. Pursuant to the Notice, the threshold of the special oil income levy increased from US$ 40 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.
Special oil income levy, also called “windfall tax”, is a value based progressive fee, paid by oil exploration and production companies for income derived from the sale of locally produced crude oil in China. MOF raised the threshold of special oil income levy from US$40 to US$55 per barrel for the first time since its introduction in 2006.
About MIE Holdings Corporation
MIE is an independent oil and gas company engaged in the exploration and production of crude oil and natural gas in China and Kazakhstan. It is the largest independent upstream oil company operating onshore in the PRC as measured by gross production under production sharing contracts. The Group operates the Daan, Moliqing and Miao 3 oilfields in the Songliao Basin under three separate production sharing contracts with PetroChina, the largest oil company in China. The Group also holds an exploration contract and three production contracts that allow the Group to conduct exploration and production activities in the Mangistau province in the southwestern region of Kazakhstan. In addition, the Group pursues other development and production opportunities in China, and exploration, development and production opportunities internationally, both independently and in partnership with other major and independent oil companies.
MIE was successfully listed on the main board on HKEx on December 14, 2010 with stock code 1555.
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Issued by Porda Havas International Finance Communications Group for and on behalf ofMIE Holdings Corporation. For further information, please contact:
Porda Havas International Finance Communications Group
Mr. Terence Wong +852 3150 6773 terence.wong@pordahavas.com
Mr. Henry Ho +852 3150 6712 henry.ho@pordahavas.com
Ms. Beverly See-To +852 3150 6721 beverly.seeto@pordahavas.com
Fax：+852 3150 6728