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Russian President Orders More Tax Breaks For Yamal LNG

by Tatiana Smolenska, Tax-News.com, Moscow

05 November 2013


Russian President Vladimir Putin has called for tax breaks to be extended to more gas deposits that supply the Novatek-controlled liquefied natural gas project in the Yamal peninsula.

Putin said in an online announcement that the tax breaks currently applied to the Yamal peninsula should also cover the neighboring Gydan peninsula.

The tax incentives currently enjoyed by the Yamal LNG project include exemption from the mineral extraction tax and zero export duty from the Yamal gas fields. The tax breaks are valid for 12 years or until the cumulative output hits 250bn cubic meters of gas and 20m tons of gas condensate.

Novatek holds a controlling stake in the Yamal LNG project. France's Total and China National Petroleum Corp also hold stakes.

Novatek also owns four licenses for the Gydan peninsula. Analysts estimate that the new tax breaks would save the company USD4bn.

TAGS: Russia | tax | tax incentives | export duty | oil and gas | extraction tax | tax breaks

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