Concession agreement

Concession agreement

An understanding between a company and the host government that specifies the rules under which the company can operate locally.

Concession Agreement

An agreement in which a government, especially a local government, gives preferential treatment to a private-sector company. Generally speaking, a concession agreement involves special tax considerations, and is designed to encourage a company to come to or stay in an area. Governments make concession agreements to promote job growth or stability.
References in periodicals archive ?
Tribune News Network Doha Qatar Petroleum (QP) has signed a concession agreement with the Abu Dhabi Supreme Petroleum Council (on behalf of the government of Abu Dhabi), Abu Dhabi National Oil Company (Adnoc), Japan's United Petroleum Development Co Ltd, and Bunduq Company Limited (the operator) for the continued development and operation of the shared Al Bunduq offshore oilfield, QP announced in a press statement on Tuesday.
A Royal decree was issued approving a law amending a previous bill for the ratification of the concession agreement for the surface distillation of shale oil penned between the government and the (KIO), and a law amending another act for the ratification of the concession agreement for the surface distillation of shale oil between the government and the (SACOS), expected to be published on the Official Gazette on Thursday.
Pakistan Petroleum Limited (PPL), the operator of the Sui field, has prepared a field development plan and draft concession agreement as well as submitted an application for the development and production lease which will come into effect retrospectively from June 1, 2015.
OWCI) signed with the Obando Water District (OWD) a 25-year concession agreement to build, operate and manage water facilities and provide services in that Bulacan town.
According to the company, it will now enter into negotiations to sign a concession agreement with the Government of Sindh.
Once concession agreement is approved and signed, the construction work shall commence after achievement of Financial Close by the concessionaire.
The Government of Pakistan is preparing for a large-scale tinkering of a so-called model concession agreement (MCA) used by major ports while granting rights to private firms for developing cargo-handling facilities, as it looks to boost investor sentiment in the sector through better allocation of risks between the government and the private firms amid slowing global trade.
Summary: Turkish airport operator TAV said it has started negotiating the terms of its concession agreement in Tunisia , as passenger traffic fell 58 percent, following the terrorist attacks in 2015,
com The Oman government on Thursday had signed an oil concession agreement with Hydrocarbon Finder to take over an existing block on a production sharing basis.
In the Letter of Undertaking, the government, through the DOF, undertook to indemnify Manila Water, against any loss caused by any action on the part of the MWSS resulting in the reduction of the standard rates "below the level that would otherwise be applicable in accordance with the Concession Agreement.
In accordance with the resolution, the working group has invited Northern Railways to commence a direct negotiation around the terms and conditions for the Rail Concession Agreement along with a request for draft agreements to consider.
A concession agreement to build a ski zone in Bansko passed by the previous elected government in 2013 has been revised by the cabinet, officials say.