KIEV, July 7 - Parliament voted Thursday to increase by 83% royalties on crude oil and gas condensate pumped from the depth of less than 5,000 meters.

By the same bill, Parliament also reduced by 17% royalties on crude oil and gas condensate production from the depth of more than 5,000 meters, production which requires bigger investments from oil companies, the lawmakers said.

The bill, which was submitted by the government, is aimed at raising more cash for the budget to help clear wage arrears in the coal mining sector, government officials said.

The bill, which is supposed to come into effect on Aug. 1, has to be signed by President Viktor Yushchenko within the next two weeks.

The bill increases the royalties to UAH550 ($109) per one metric ton of crude oil and gas condensate from UAH300, lawmakers said. The increase is bigger than earlier planned and will effect only those wells that produce oil and gas condensate from the depth of less that 5,000 meters.

Those wells that pump oil and gas condensate from a depth of more than 5,000 meters and that require greater investments from oil companies will have their royalties reduced to UAH250 per ton from UAH300, according to the bill.

Overall, the measures will help the government raise an extra UAH311 million by the end of the year from oil production, and UAH112 million from gas condensate production, the government has said.

The money raised will go to settle wage arrears in the coal mining sector, estimated at UAH314 million as of April 1, according to the government. (sb/ez)