Kyiv Post - - News -

To boost the do­mes­tic gas ex­trac­tion and de­crease energy de­pen­dence on im­ports from Rus­sia, Fi­nance Min­is­ter Natalie Jaresko on July 13 pro­posed that par­lia­ment de­crease two-tier roy­alty taxes from 55 per­cent and 29 per­cent, to 29 per­cent and 14 per­cent. If adopted, the lower roy­alty rates will ap­ply to high-cost gas pro­duc­tion from wells with depths of more than 5,000 me­ters.

Par­lia­ment on July 15 rat­i­fied a loan agree­ment with the Euro­pean In­vest­ment Bank for a €150 mil­lion credit line to up­grade the na­tion’s vast Soviet-era gas pipeline sys­tem. Un­der the agree­ment, which was signed in De­cem­ber last year, another in­sti­tu­tional in­vestor, the Euro­pean Bank for Re­con­struc­tion and De­vel­op­ment, will fund the rest of the €355 mil­lion pro­ject.

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