Encyclopedia

Royalty


"royalty" - payment made by the joint venture to the Socialist Republic of Vietnam for the use of natural resources, calculated as a percentage of each unit of commodity product and paid by the joint venture in natural or monetary form.

Source: Agreement between the Government of the Russian Federation and the Government of the Socialist Republic of Vietnam on Further Cooperation in the Field of Geological Exploration and Oil and Gas Production on the Continental Shelf of the Socialist Republic of Vietnam within the framework of the Joint Russia-Vietnam Enterprise "Vietsovpetro"

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