Romania to hike royalties for minerals' extraction, storage and transport.

By bne IntelliNews August 23, 2011
The royalties owed by mining companies for the mineral resources extracted in Romania would increase to 6%, up from 2% currently, according to a draft ordinance of the finance ministry. The oil and gas handling operations, would be charged 15% royalty from 10% currently. The changes aim to better reflect the depletion of natural resources. The bill mainly concentrates on Fiscal Code, but it also amends the specific mineral resources legislation namely law 85/2003 (the mining law) and law 238/2004 (the oil law). Gas storage would be charged 5% against 3% currently. The royalties for the oil and gas extraction cannot be increased sooner than 2014, according to the privatisation law of oil company Petrom.
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