Federal Decree No. 55/1974 On Increasing the Royalty in all Concession Agreements of Petroleum Companies working in the State
We, Zayed Bin Sultan Al Nahyan, President of the United Arab Emirates State,
Pursuant to the perusal of the Provisional Constitution of the United Arab Emirates*[1];
Based on the proposal of the Minister of Petroleum and Minerals, and the approval of the Ministerial Council as ratified by the Federal Supreme Council
Article 1
Amending the provisions of the Royalty (revenues) in all concession agreements with the petroleum companies working in the state to be 14.5% instead of 12.5%.
Article 2
This decree shall come into effect as of 01/07/1974.
Article 3
All concerned entities according to their areas of jurisdiction shall put such decree into effect.
Issued in Abu Dhabi Presidential Palace
On 03/07/1974
Corresponding to 13 Jumada Al-Thani 1394 H
Zayed Bin Sultan Al Nahyan
President of the United Arab Emirates State
This Federal decree was published in the Official Gazette No. 21, Page 1.