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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (1902)	11/15/2000 10:27:42 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

UK won't levy additional taxes on North Sea oil producers Oil Online, November 14, 2000 In his pre-budget report Nov. 8, UK's Chancellor of the Exchequer Gordon Brown said that while North Sea oil companies were earning higher profits from higher oil prices, he was determined "to make short term decisions based on short term factors" and therefore did not recommend a higher tax regime now. The key issue is the level of long term investment in the North Sea, he said. "And this will be the approach that will guide budget decisions in the future." Many oil and gas companies had feared the government would significantly hike oil and gas taxes to give the government a larger share of windfall profits. Brown proposed to cut the UK's corporate tax from 33p to 30p, the lowest of all major countries. Brown also proposed to cut the duty on petrol and diesel fuels.