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Major 25 year tax break on new gas projects in Siberia and Russian Far East

By 0 and 0 and 0
20 November 2012


'We hope that these tax initiatives... will attract investments to the development of new fields and those in operation', Russia's Ministry of Energy Novak said. Picture: 

'We propose eliminating the MET for 25 years for new projects in Siberian and Far Eastern fields, and we hope that these tax initiatives will give an additional stimulus for attracting investments to the development of new fields and those in operation,' he said. 

'Such proposals were submitted to the government on November 1. Now we are finalising them with the Finance Ministry.'

There remain 'some discrepancies' but he insisted:  'This is economically viable and justified. All new projects have no necessary infrastructure and need investments'.

The plan is to stimulate the development of new fields in which, he acknowledged, the costs are far higher than existing projects in Western Siberia. 

The Minister was speaking on the sidelines of the Gas of Russia forum in Moscow. Top officials previously indicated they were examining such a proposal and it forms part of a package aimed at significantly stimulating the economy of Siberia and the Far East. 

It was not immediately clear when a final decision will be made. 

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