Interest Recovery. Interest on loans obtained by a contractor at rates not exceeding prevailing commercial interest rates on loans for capital investments in development of petroleum pools may be recoverable as an operating cost provided the Joint Authority has given its approval. The Joint Authority may give its approval if it is satisfied that recovery of interest is necessary to ensure the financial viability of the project.
Appears in 4 contracts
Interest Recovery. Interest on loans obtained by a contractor at rates not exceeding prevailing commercial interest rates on loans for capital investments in development of petroleum pools may be recoverable as an operating cost provided the Joint Designated Authority has given its approval. The Joint Designated Authority may give its approval if it is satisfied that recovery of interest is necessary to ensure the financial viability of the project.
Appears in 2 contracts
Samples: Production Sharing Contract, Production Sharing Contract
