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Petroleum Act, 2040 (1983).

Country
Type of law
Legislation
Date of original text
Source

Abstract
This Act provides for the development of petroleum resources within Nepal. The Government of Nepal shall have the exclusive right on all petroleum found in Nepal, and shall have the exclusive right to carry out petroleum operations. The Act grants rights and benefits to contractors who enter into a petroleum agreement with the Government of Nepal including: the right to export entitlement of petroleum; exemption from all taxes and fees except a royalty of not less than 12.5 percent to be prescribed on the value of petroleum sold or disposed of; exemption from custom duties on imported goods; and right to use land. Penal provisions are also contained in the Act.
Long title of text
An Act made to provide for petroleum.
Date of consolidation/reprint
Notes
This Act amends section 2 and section 2 clause (d), and it deletes clause (f) of subsection (2) of Section 16 of the Nepal Mines Act, 2023.
Repealed
No
Source language

English

Legislation Amendment
No
Implemented by