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Panel to decide on export ban.

CONCERNED authorities will have to determine the types of oil by-products that are banned from being exported in their subsidised prices.

The draft proposal was presented to the Cabinet by Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa, the minister in charge of oil and gas affairs.

"This draft resolution comes pursuant to the issuance of Law No 36 of 2014 on criminalising and combating the smuggling of the subsidised oil by-products," said Minister of State for Information Affairs and official government spokeswoman Sameera Rajab.

"The Cabinet decided to refer the matter to the Ministerial Committee for Legal Affairs for further study."

The proposal comes in line with a law on criminalising and combating the smuggling of subsidised oil by-products, which was implemented in June.

The law criminalises the smuggling or attempting the smuggling of subsidised oil derivatives, which it considers theft of public money that requires legal punishment.

It carries a jail sentence of between six months and three years, and a fine of not less than the value of the goods before it was subsidised nor more than threefold its value, or one of the two punishments.

Government subsidies earmarked for oil by-products stand at BD200 million to BD240m per annum.

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Publication:Gulf Daily News (Manama, Bahrain)
Date:Nov 17, 2014
Words:218
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