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Bahrain oil products free from VAT

MANAMA: Bahrain will exclude oil products from a value-added tax (VAT) due to be implemented next year, part of an essential goods exclusion from the tax, Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa said in remarks carried by the state news agency.

Bahrain’s upper house gave final approval to a draft law of the tax in October.

Introducing VAT at 5 per cent was part of a Gulf Cooperation Council agreement in 2018, a big step for governments that have traditionally levied little tax and relied instead on oil revenues.

New plan to protect Libyan fields

TRIPOLI: Libya’s National Oil Corporation chairman Mustafa Sanalla and the country’s internationally recognised Prime Minister Fayez Al Sarraj agreed a new security plan to protect El Sharara oilfield, which is still closed, the corporation said.

'The plan includes establishing green zones inside the site to prevent anyone from entering without a permit ... and removing all unauthorized persons from the field', it said in a statement.

'Sanalla was quoted in the statement as telling Al Sarraj: NOC is fully prepared to reopen the field if the Petroleum Facilities Guards are properly supervised'.

The Petroleum Facilities Guards are a defence ministry body charged with reponsibility for the security of Libya’s oil and gas facilities, but Sanalla has criticised their performance and demanded the replacement of their leader at El Sharara.

Libya’s internationally recognised government said the 315,000 barrels a day field, the country’s biggest, would reopen after Sarraj flew there to meet protesters who seized the southern facility on December 8.

Sarraj says the demands of the protesters - made up of state guards and tribesmen - are legitimate. Oil sources later said preparations were being made to restart output.

RDIF mulls investing in Arctic LNG 2

MOSCOW: Russian sovereign wealth fund RDIF is considering investing in the Arctic LNG 2 project with Saudi Aramco, RIA news agency quoted the head of RDIF, Kirill Dmitriev, as saying.

Last week, sources familiar with the talks told Reuters that RDIF, Saudi Aramco and Japan’s Mitsui & Co were in talks to buy stakes in Novatek’s Arctic LNG 2 project, with the size of the investments still to be decided.

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