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July 17, 2002

European Commission approves Italian tanker subsidy
The European Commission has decided to authorize an Italian aid scheme granting an incentive to shipowners for the elimination of single hull tankers over 20 years of age. Strict conditions regarding the promotion of the use of double tankers have been specified in the aid scheme. The Commission says it welcomes the objective of the proposed aid, which aims at implementing community maritime safety legislation and achieving higher safety standards in maritime shipping, prior to it becoming mandatory.

Italy has notified the Commission of a draft aid scheme granting an incentive to shipowners for the elimination of single hull tankers over 20 years of age. The Italian legislation goes beyond Community legislation on the phasing-out of single hull tankers. It covers tankers of less than 5,000 dwt whose operation is not restricted by current Community rules. Under the proposed scheme, shipowners who demolish old tankers equipped to transport crude oil or oil and chemical products will benefit from a maximum aid of just under EUR 4 million.


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