China’s state-owned energy giants to pay 5% more dividend

31 December 2010 05:02  [Source: ICIS news]

SHANGHAI (ICIS)--China’s state-owned energy and petrochemical giants will have to pay 5% more dividends to the central government from 2011, the Ministry of Finance said on Friday.

China’s three oil majors, China National Petroleum Corporation (CNPC), Sinopec Group and China National Offshore Oil Corp (CNOOC) would pay 15% of their after-tax profit to the government, the ministry said.

Companies in the steel, transport, construction and trade industries will be required to pay 10% of their after-tax profit as dividends, according to the statement.

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By: Judith Wang
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