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Romania tweaks tax law to spur offshore Black Sea gas investments

BUCHAREST, May 18 (Reuters) - Romanian lawmakers approved legislation on Wednesday to reduce taxes on future income from offshore gas projects, hoping to unlock investment in the Black Sea to extract the country's sizeable gas reserves there.

The European Union state has an estimated 200 billion cubic metres of gas in the Black Sea, but a high tax on additional gas income introduced four years ago had stifled investors. The changes were approved with 249 votes in favour and 34 against. (Reporting by Luiza Ilie; editing by John Stonestreet)

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