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Monday, April 24 2017 @ 09:19 AM EDT

Oil Companies Will Also Receive An Incentive For Purchasing Ethanol

Oil and Gas ExplorationThe manager of Chevron Panama, Aristides Chiriatti informed the oil companies will receive an incentive of 60 cents for each gallon of ethanol they purchase.

The company Campos de Pesé, of Panamanian and Nicaraguan capital –responsible for supplying ethanol-, will also receive incentives.

According to Law 42 from 2011, this company is exempt from paying income tax for ten years, as well as any importation tax, paying for their industrial and commercial license, operation notification, taxes and municipal taxes.

Besides, they will receive a tax credit for 60 cents per gallon, which will be paid every month.

“This incentive is intended for us to recover millionaire investments in terminals and service stations,” said Chiriatti.

Regarding the diminution in importation of fuel –due to the use of ethanol-, he said he is not worried about the diminishment of fuel, because they support the government initiative. (TVN)

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Oil Companies Will Also Receive An Incentive For Purchasing Ethanol | 1 comments | Create New Account
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Oil Companies Will Also Receive An Incentive For Purchasing Ethanol
Authored by: ChiefEngineer on Thursday, August 29 2013 @ 06:16 PM EDT

What a scam. There is absolutely no economic or social value in this flimflam, only money
changing hands, and taxpayers hard earned dollars being used to subsidize something that cannot stand on its own in the marketplace. Food prices are up and land is being used to make fuel instead of food stuffs/

Shame on all of those who betrayed the public trust.