Wednesday, 18 April 2012
Algeria to revise tax on energy projects
The promised change is to make the country more attractive to IOCs after three consecutive bid rounds for oil and gas acreage failed to attract much interest. Yousfi said, however, that the new tax mechanism would only apply to oil and gas projects that are not currently in production and are considered high risk.
The changes are included in draft amendments to the hydrocarbons law drawn up by the energy ministry. Yousfi said that a ministerial working group had finished drafting the amendments and had presented them to the government for approval. The next stage will be for parliament to vote through the amendments.
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