Article 11

Article 11

Taxation of the company's activities, founders and contractors involved in the project under this Agreement shall be implemented in accordance with the legislation of the States of the Parties on the territory of which these activities are taking place.

In the event that the state legislation of the Hellenic Republic is amended in a way that deteriorates the terms and conditions of taxation of the company, the founders and contractors involved in the project under this Agreement, taxation of the company, founders and contractors involved in the project for the period of design, construction and operation of the gas pipeline until the return of investments, shall be in accordance with the legislation of the Hellenic Republic in force at the time of conclusion of this Agreement.

For the purposes of this Agreement the deterioration of the terms and conditions of taxation shall mean the imposition (establishment) of new taxes, charges and duties and/or other similar payments, and/or increase in tax rates and in the amount of charges and duties and/or other similar payments.

The provisions of this Article shall only apply to the taxation of activities related to the design, construction and operation of the gas pipeline.