Russia Shtokman Seeks Govt Tax Incentives For Gas Proj

Russia Shtokman Seeks Govt Tax Incentives For Gas Proj
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Τετ, 10 Δεκεμβρίου 2008 - 16:06
Shtokman Development is asking the Russian government for tax and customs incentives to help finance a natural gas project it operates in the Barents Sea that could cost the country $2 billion over the next 10 years, the daily Kommersant reported Wednesday, citing Yuri Komarov, the company's chief executive.
Shtokman Development is asking the Russian government for tax and customs incentives to help finance a natural gas project it operates in the Barents Sea that could cost the country $2 billion over the next 10 years, the daily Kommersant reported Wednesday, citing Yuri Komarov, the company's chief executive.

Without the incentives, the company might have difficulty raising the $10.5 billion in financing needed for the project, it said.

The news comes a day after Komarov warned that the global credit crisis could delay the launch of the project.

Russian gas monopoly OAO Gazprom (GAZP.RS) owns 51% of Shtokman Development, a joint venture with France's Total SA and Norway's StatoilHydro, which own 25% and 24%, respectively.

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