IVANO-FRANKIVSK, Nov. 18 - Ivano-Frankivsk Regional Council has received a draft agreement to be signed between the Cabinet of Ministers, Ivano-Frankivsk and Lviv regional councils on the transfer of proportional shares of the state revenues in profit-making fossil fuel extracted on the conditions of the production sharing agreement to the regional budgets.

The draft agreement was posted on the official Web site of Ivano-Frankivsk Regional Council.

According to the draft agreement, Ivano-Frankivsk and Lviv regional councils will receive proportional parts of the 10% state revenues in profit-making fossil fuel extracted on the conditions of the PSA to the regional budgets. The proportional share is a sum calculated each calendar quarter, depending on the volume of fossil fuel extracted over the period in each region, and which is to be sent to the regional budgets of Ivano-Frankivsk and Lviv regions. If fossil fuel was extracted only on the territory of one region, the regional council will receive 10% of the state revenues.