The Petroleum Fiscal Regime and Oil Company Status

Abstract

In the foreseeable future the Republic of Croatia will be includedin lhe market economy as a consequence of recent widespread socialchanges. The oil industry will also be affected by these changes,inevitably becoming a part of the wider markel, and it will have toadjust its business practice accordingly.To facilitate the inevitable transition of INA into a modern andprofitable company, capable of survival in the market, it is necessaryto create favourable business environments for possible economicgrowth and development. As a first step towards this goal it is necessaryfor the state of Croatia to adjust its legal system to be compatiblewith those prevailing in the market economy.There are several different legal approaches in world practice specific for a particular country, and one has to take them into consideration while creating legal relations in the oil industry in Croatia.Here it comparison is made between the present legal status in Croatiaand some of the others abroad. An optimal solution is proposed fromthe viewpoi nt of the company dealing with the oil industry.