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BP Selected For Exclusive Negotiations To Finalise Participation In China's First LNG Import Scheme http://www.bp.com/genericarticle.do?categoryId=2012968&contentId=2001374 BP announced today that it has been selected to enter exclusive negotiations to secure the position as the foreign partner in the JV tasked to develop China's first liquefied natural gas (LNG) import terminal and associated pipeline. The Chinese sponsors and BP will jointly conduct a Feasibility Study which, once approved by Chinese authorities, will lead to the formation of a JV company responsible for the construction and initial operating phase of the new plant. The Guangdong project in southern China will consist of an LNG re-gassification terminal near the city of Shenzhen, with a capacity of three million tonnes a year, together with 300 km of associated pipeline linking the terminal to the region in its first phase. It is due on stream in 2006. A successful finalisation of the negotiations will lead to BP taking a 30% equity stake in the project, partnering with a coalition led by the China National Offshore Oil Corporation (CNOOC) (33%), local Guangdong companies (31%) and two Hong Kong energy companies (6%). "This is a significant new step in expanding our China operations, and an excellent strategic fit with our Asia-Pacific gas reserves," BP chief executive Sir John Browne said. "The Guangdong project will cement our position as a leading global partner for China's rapidly growing gas markets and provides a platform for further growth for the BP Group in the province of Guangdong. China is the world's largest energy market outside the U.S. with a market expanding with continued economic deregulation. As China moves to cleaner fuels, gas demand will increase more rapidly still, and we now have the strongest possible access to the markets being created by that growth." BP's Phase one investment is estimated at some $180 million. An anticipated Phase two expansion

NEW DELHI - Tata Power Co. 500400.BY -1.40% Thursday said it has renamed its solar-energy venture and appointed a new chief executive for the unit. Tata BP Solar India Ltd. will now be called Tata Power Solar Systems Ltd., the country's largest private power company by capacity said in a statement. The utility had in December signed an agreement to buy BP PLC BP.LN -2.92% unit BP Alternative Energy Holdings' 51% stake in the joint venture set up in 1989. Tata Power said it has appointed Ajay Goel as the chief executive of the solar company. Mr. Goel succeeds K. Subramanya, who had resigned in May. Tata Power Solar is engaged in the engineering and construction of solar-power projects. It also manufactures solar equipment.

http://www.allvoices.com/contributed-news/14546603-bp-holdings-madrid-spain-reviews-spanish-tax-facts Taxation in Spain occurs at a national level and at a regional ('Autonomous Community') or municipal level. The Spanish taxation system was subject to a significant review in 2007 that resulted in the introduction of a new Personal Income Tax Act. The tax regime in Spain is controlled by the Ministry of the Treasury.Tax Year 1st January to 31st December.Assessment BasisSpanish residents are taxed on their worldwide income (earned and unearned), capital gains from all sources and on their worldwide assets. Spain operates a self-assessment regime.For personal income tax purposes, married couples may choose to file tax returns jointly or separately.Income Tax Spanish residents are subject to Spanish Personal Income Tax ('IRPF'). Individuals and couples benefit from personal allowances which reduce their liability to tax and which increase in line with the number of dependent children.A new structure has been created for the taxation of income, which now falls into two categories: the general base and the savings base of income.The general base includes salary and other benefits from employment, income from economic activities, and property rental income (either actual or deemed). Such income is reduced by applicable deductions and allowances. It is subject to a progressive scale which is applied to successive portions of taxable income with rates ranging from 24% to 43%*. In the autumn of 2011 a new tax bracket was introduced for higher income earners as an austerity measure, with income over €175,000 now subject to a 45% rate.The savings base is subject to a 19% tax rate on savings income up to €6000 and to 21% on the excess and includes interest, dividends, and capital gains/losses paid to residents in Spain, together with life and disability insurance proceeds paid to Spanish residents by a Spanish entity (or an EU insurer operating on a Freedom of Services pas