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Ukraine to Reduce Oil, Gas Extraction Royalty Rates

14.07.2015 11:07

Ukraine's Economy Minister Aivaras Abromavicius says that Kiev plans to reduce its oil and gas extraction royalty fees to boost oil production.

Kiev plans to reduce its oil and gas extraction royalty fees to boost oil production, Ukraine's Economy Minister Aivaras Abromavicius told Sputnik.

"The main news of the day is that we reduce the oil and gas extraction royalty fees from 55 percent to 29 percent, which will contribute to the growth of oil and gas production in our country," Abromavicius stated on the sidelines of the US-Ukraine Business Forum in Washington, DC on Monday.

Abromavicius noted the proposal has already been sent to the Ukrainian parliament, which will vote on it in the next couple of days.

The US-Ukraine Business Forum is organized for the first time, and aims to help Ukraine become a more favourable place for American businesses. The Forum brought together US government officials, CEOs and business leaders as well as Ukrainian policymakers.