Lithuania defines new dimensions

Lithuania’s high rate of economic development may rise even further in the future. The 17th ranked nation in the world in the “Ease of doing business Index” is now on its way discovering new dimensions.

Lithuania is looking forward to a new tender for shale gas exploration and production. The site for the same is located in the Silute-Tauregefield, situated in the Western part of Lithuania. Valentinas Mazuronis, environment minister addressed a news paper about the same, quoting “Issues related with taxes on oil and shale resources, if approved by the government, will also need the approval of the Seimas. However, we have actually prepared all other legislative acts, the terms and conditions of the tender. Hence we think it might be possible to issue the tender in late May, in June, and we have to move towards that.” He further added “There are several options. Under one of the options we leave the taxation of traditional oil unchanged and keep the current 10 percent average, or raise it slightly… to the average of 12-13%… The average taxation of shale resources, as proposed, would be 15 percent,”

With government now emphasising on #EnergySecurity Lithuania may soon witness a brighter tomorrow.

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