RAG Austria AG produces mineral oil and gas exclusively in Austria, based on an exploration, production and storage (EPS) agreement concluded with the Austrian government. This agreement sets out all of our rights and obligations related to hydrocarbon mining. The relevant mining authorities carry out regular inspections on a wide range of topics, as well as plant inspections.
Under the Mineralrohstoffgesetz (Mineral Resources Act) and the EPS agreement, the Austrian government bears a proportion of the costs of all activities, or receives compensation in the form of concession fees, royalties and storage fees, at defined rates. As a predominantly state-owned company, RAG Austria AG is also subject to transparent oversight by the Austrian Court of Audit and has been the subject of one audit in the past. The financial statements are audited by an independent external auditor.
