Turkey Amends How Certain Petroleum License Holders Must Prove They Meet Minimum Asset Thresholds

Turkey's Energy Markets Regulatory Authority ("Authority") has amended how distribution and bunker fuel delivery license holders in the petroleum market must prove they meet the minimum asset thresholds. From 2018, such license holders will be able to submit the same balance-sheets which were prepared for the previous year's Corporate Tax Declaration.

The Authority issued Decree number 6665 ("Amendment Decree"), dated 15 December 2016, published in Official Gazette number 29926 on 22 December 2016, entering into effect on the same date. The Amendment Decree makes changes to Decree numbered 5352, dated 15 December 2014.

Under the Amendment Decree, license holders will be able to prove they meet the minimum asset thresholds by submitting the same balance-sheets which were prepared for the previous year's Corporate Tax Declaration. The Authority will use these balance sheets to assess a license holder's technical and economic potential.