PRESS RELEASE

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Tremonti's Oil Tax Okayed by Italian Government

June 21, 2008 (EIRNS)—The Italian government approved late on June 18 a bill presented by Finance Minister Giulio Tremonti for higher taxes for oil companies, banks and insurers. Tremonti said that corporate taxes (IRES) for oil companies will rise to 33% from 27%. According to Il Sole 24 Ore business daily, the tax on oil companies will raise about EU1 billion for state coffers while the taxes on banks and insurers will raise at least EU2 billion.

Coming back from the G8 finance ministers meeting last weekend, where, led by Britain's Treasury Minister Darling, Tremonti's proposal for regulation of oil derivatives trading was rejected, he immediately announced in Rome on June 16 that he will not wait for the G8 to come to a decision some future day, but will act nationally now, through a special oil and banking tax.