Verkhovna Rada halves the fees for oil and gas production from the new wells for 2 years.

Verkhovna Rada has reduced the subsoil use leasing rate for natural gas and oil from the new wells by twice for a 2-year period. Arseniy Yatsenyuk, the Prime Minister of the Ukraine,told at the briefing on July 31, the MFN correspondent reports.

"The government provides a 2-year grace period for each new well, which was drilled and began the production of oil or gas. The grace is 50% of the standard rental rates", - Mr. Yatsenyuk stated.

He stressed that with the introduction of the appropriate grace period the government stimulates an increase in domestic oil production and strengthens the energy security of the Ukraine.

In this case, the Cabinet raised the rent on oil and gas for the producing companies.

"At first we have increased the rent (on minerals) from 1.5% to 5%, and today we have raised it from 5% to 8%. I am sure that Rinat Akhmetov's company will be happy to pay an increased tax", - the prime minister stated.

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