Government to stimulate of oil processing sector of Ukraine.

By bne IntelliNews October 24, 2012
The government plans to consider amendments to the Tax Code of Ukraine in order to stimulate the reconstruction and modernization of oil refinery sector objects. According to various experts, amendments may concern an import duty for oil products and taxation of equipment and installation for oil refineries, which is removed to the customs territory of Ukraine. Currently, only Kremenchuk oil refinery is operational, out of six oil refineries, located on the territory of Ukraine. Lysychansk oil refinery, possessed by TNK-BP, was shut down for repairs for an indefinite period of time due to unprofitability of processing. Rated capacities of Ukrainian oil refineries are designated to process about 50.3mn tonnes of oil a year.

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