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              Exemption from ICMS tax on fuel oil in Alunorte

              The State of Pará in Brazil has decided that, effective from September 10, 2012, ICMS tax will again be collected from the fuel oil distributors, exempting Hydro's alumina refinery Alunorte from the ICMS tax.

              A change took place March 1, 2012, changing the collection point for ICMS tax from distributors to oil refineries. As reported for second quarter 2012 this increased Alunortes (tax) costs by approximately NOK 150 million for the quarter.

              The amendments now decided by the Governor of Pará will exempt Alunorte from the ICMS tax on fuel oil, as was also the case prior to March 1, 2012.

              Published: August 28, 2012