Gazprom and Rosneft to get new benefits – state companies may save up to $20 billion per year

Rosneft and Gazprom, the main subsoil users of the Arctic Russian shelf, may get additional benefits. The State Duma’s Committee offered to decrease MET rates for the most difficult offshore fields to 1-1.3%. Such exemptions will make the Russian Arcic shelf tax treatment one of the most liberal in the world. Analysts believe that the state companies will save up to $20 billion per year due to this.

On Friday, Deputies of the State Duma sent a draft law on the promotion of hydrocarbons production on Russian Arctic shelf for reconsideration in the second reading. At present, licenses for almost all its distributed sites belong to Gazprom and Rosneft. As the Deputy Chairman on Energy of the State Duma’s Committee and the Head of the Russian gas society, Pavel Zavalny explained to  Kommersant, the document will be considered during the autumn session (the spring one finished on Friday). It was approved in the second reading on July 3rd, but some amendments were introduced at the session of the Committee on Budget and Taxes.

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