Tax cuts for oil companies

[Maik]

LONDON, July 1 (Reuters) - Greece is planning to cut tax rates for oil and gas companies as it wants to attract them to help exploit its untapped offshore hydrocarbon resources, its energy minister said on Tuesday.

Under the plan, oil and gas explorers will pay 25 percent tax, down from 40 percent currently, and 5 percent of the tax will go to local communities.

A group of Greek government oil and gas experts was meeting representatives from BP, Shell, Total and ExxonMobil and other oil companies in London on Tuesday and Wednesday, a Greek government source said.

Once the tender is officially published in the coming weeks, oil and gas producers will be able to bid for licences covering 20 blocks located south of Crete and in the Ionian Sea.

http://www.reuters.com/article/2014/07/01/greece-oil-tender-idUSL6N0PC4C020140701