"Syria take 50% of commercial finds and charge tax's on profits."
Utter tosh!!!!
In Syria, commercial fields are subject to a base production deduction as defined in the contract, followed by a royalty deduction of 12½%
Up to 70% of the crude oil production is available as cost oil to the Company to recover exploration, development and operating expenses.
The remaining 30% of the crude oil and any excess cost oil production is defined as profit oil and is shared 30% to the working interest partners and 70% to the Government.
"TAXES APPLICABLE TO SYRIA ARE PAID ON BEHALF OF THE COMPANY OUT OF THE GOVERNMENTS SHARE OF PROFIT OIL"...DOH!
..and there is more...
"Syria's Oil Ministry said Wednesday it signed two 20-year contracts worth $42 million with Royal Dutch Shell PLC (RDSA) for the exploration and exploitation of oil and gas in the northeast. Under the first contract, Shell will conduct exploration and exploitation work in an area extending from southwest of Deir El-Zour, 450 kilometers northeast of Damascus, to the Iraqi border, the ministry said in a statement.
The contract is worth $20 million.
The second deal, valued at $22 million, focuses on an area just south of Palmyra, 256 kilometers north of Damascus.
Under each,SYRIA RECIEVES 12.5% OF OIL PRODUCED,and Shell trains employees of the state-owned Syrian Oil Company."
Some idiots simply do not understand plain English!!! Doh!...nor simple arithmetic.
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