Article 9

Article 9

For achieving better economic efficiency during the construction and operation of the Oil Pipeline, the Republic of Bulgaria and the Hellenic Republic shall undertake to grant the most favourable tax regime to the International Project Company, in accordance with the legislation of these States, providing, in particular, for:

exemption from the payment of VAT (Value Added Tax), when importing equipment and components necessary for the implementation of the works related with the construction and operation of the Oil Pipeline, subject to their subsequent exportation in the future,

acceleration of VAT refund procedures in respect of materials, services and works that are necessary for the construction and the operation of the Oil Pipeline.