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European Commission Approves Fuel-Related State Aid to Maltese Fishing Industry

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The European Commission has approved a 700,000 euros ($809,000) Maltese state aid package to its fishing industry to offset a sharp rise in fuel prices related to the crisis in the Middle East, it said in a statement on Thursday.

The aid was approved under a specific Middle East Crisis Temporary State Aid Framework, or Metsaf, which the commission adopted on April 29 with the aim of mitigating the impact of higher fuel prices resulting from the conflict.

Malta will distribute the aid as grants, based on fuel volumes bought between March 1 and Dec.31 and will base it on the monthly price difference versus a pre-conflict benchmark from February.

The aid will offset 70% of the additional cost burden the fishing industry faces. The scheme will end on Dec. 31, the commission said.

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