According to Norway's “Upstream Online†report on April 17, Kazakhstan’s media reported today that Kazakhstan will levy an oil export tax of US$109.91 per ton of exported oil from May 18 this year.
The oil export taxation measures signed by Kazakhstan Prime Minister Karim Masimov on April 8 are aimed at curbing inflation and increasing budgetary revenues. This measure will not apply to oil companies in Western countries that are currently developing Kazakhstan's oil and gas fields. However, this measure will affect foreign oil companies newly entering Kazakhstan's oil and gas fields.
This decree - Kazakhstan's first such measure since its independence in 1991 - was published in today's Kazakhstani official newspaper Pravda. According to the relevant provisions of Kazakhstan's laws, this decree will take effect 30 days after its release.
The $109.91/tonne oil export tax is based on the average global oil price of 714.9 U.S. dollars per ton or 94 U.S. dollars per barrel in the first quarter of the world. One ton of Kazakhstan’s oil is equal to approximately 7.6 barrels.
The Government of Kazakhstan has confirmed that nowadays Kazakhstan Western oil companies are large oil and gas Tada Tengiz and Karachaganak Gan ng jobs - including Chevron, Eni and British Gas Group - will not have to pay the oil export duty.
According to Reuters, as Kazakhstan plans to abandon its more lucrative production sharing agreement, foreign oil companies newly entering Kazakhstan’s oil and gas markets will have to pay oil export taxes.
The oil export taxation measures signed by Kazakhstan Prime Minister Karim Masimov on April 8 are aimed at curbing inflation and increasing budgetary revenues. This measure will not apply to oil companies in Western countries that are currently developing Kazakhstan's oil and gas fields. However, this measure will affect foreign oil companies newly entering Kazakhstan's oil and gas fields.
This decree - Kazakhstan's first such measure since its independence in 1991 - was published in today's Kazakhstani official newspaper Pravda. According to the relevant provisions of Kazakhstan's laws, this decree will take effect 30 days after its release.
The $109.91/tonne oil export tax is based on the average global oil price of 714.9 U.S. dollars per ton or 94 U.S. dollars per barrel in the first quarter of the world. One ton of Kazakhstan’s oil is equal to approximately 7.6 barrels.
The Government of Kazakhstan has confirmed that nowadays Kazakhstan Western oil companies are large oil and gas Tada Tengiz and Karachaganak Gan ng jobs - including Chevron, Eni and British Gas Group - will not have to pay the oil export duty.
According to Reuters, as Kazakhstan plans to abandon its more lucrative production sharing agreement, foreign oil companies newly entering Kazakhstan’s oil and gas markets will have to pay oil export taxes.
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