Ukrnafta assesses sum saved thanks to royalty decline in 2017 at UAH 1.3 bln

14:22, 26.12.2016 1 min read

Public joint-stock company Ukrnafta has assessed the sum the company will save thanks to the decline in royalty in 2017 at UAH 1.3 billion compared to UAH 1.7 billion earlier announced by Ukrainian parliamentarians.

"The reduction of oil production royalty would help Ukrnafta to save around UAH 1.3 billion next year. The company would like to send all saved funds to increase investment, but this will depend on the ability of finding the stable solution of the problem of the historic tax debt and book debts," the press service of Ukrnafta said.

As reported, Ukraine's Verkhovna Rada decreased royalty for oil producers from 21-45% to 14-29% depending on the well depth.