Tax hits Sonatrach
Sonatrach suffered a 33 per cent drop in revenue, as foreign companies cut back on their involvement in Algeria because of a windfall tax. The tax was introduced by Algiers in July 2006 and means international firms have to give 5-50 per cent of revenues to Sonatrach when oil prices exceed $30 a barrel. Sonatrach's export sales fell by 1 per cent to $26,800 million in the first half of 2007.
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