Government Rethinks Plans To Impose Fuel Import Duties

Energy Minister Yurii Boyko announced that the Cabinet had approved a draft law geared toward boosting investment in Ukraine’s oil product market. According to Boyko the law will lower import taxes on technological upgrades made at refineries and does not imply the introduction of import duties for oil products. Vladimir Nesterenko: We view the Cabinet’s decision not to introduce import duties as very positive for the industry in general and for fuel retailers in particular. Ukraine’s only traded retail chain, Galnaftogaz (GLNG: BUY), will definitely welcome healthy competition between local refineries and fuel imports.