Article 1.-the background of development of the Region |! | Magellan and Chilean Antarctica will be |! | consisting of: (i) the revenue that the State |! | Learn by concept of right of exploitation to be |! | mentioned in article 6 of the Decree Law N ° 2.312, de |! | 1978; and (ii) all revenue that State perceives or |! | retain, deducted taxes, as a result of the |! | difference between the value of the production of gas and/or |! | oil, and the retribution that pays contractors |! | According to every special operation contract concluded |! | under cover of the decree with force of law No. 2 of 1987, |! | the Ministry of mining, in both cases, on the occasion of |! | the activities of exploitation of gas and/or oil in |! | that Region. These resources will be allocated annually to the |! | Fund through its incorporation into the law of |! | Respective budgets. This Fund will be a |! | cumulative and will be managed by the Regional Government |! | for assignment to projects of promotion and development |! | of the Region.
In the case of income to which refers the |! | literal (ii) above, the amount of resources to be |! | transferred by the State to the Fund may not exceed |! | 5% of the total value of production of gas and/or |! | oil, taxes deducted, carried out by the |! | for contractors. For these effects is |! | It means oil production, the measured quantity |! | at the point of delivery of petroleum and production of |! | gas, the amount measured in the control point of the |! | gas, established, in each case, in the respective |! | special operation contracts.
Without prejudice to the powers of the Government |! | Regionally, the operation of the referred Fund will be held |! | by the Regional Committee of Fomento de la Produccion de |! | Magallanes and Antártica Chilena.