French energy giant Total SA (TOT) and Russian gas producer OAO Novatek (NVTK.RS) will pay no mineral extraction tax for their Yamal LNG project in Northern Russia, the Interfax news agency reports Thursday citing Deputy Prime Minister Igor Sechin.
French energy giant Total SA (TOT) and Russian gas producer OAO Novatek
(NVTK.RS) will pay no mineral extraction tax for their Yamal LNG project in
Northern Russia, the Interfax news agency reports Thursday citing Deputy Prime
Minister Igor Sechin.
The tax exemption, which has been signed by President Dmitry Medvedev, will
allow the companies to produce 250 billion cubic meters of natural gas and 20
million metric tons of gas condensate without paying the mineral extraction
tax, Sechin said.
Total holds a 20% stake in Yamal LNG, which is controlled by Novatek.
Zero mineral extraction tax is also in place for fields in the
Black
Sea
and the
Sea
of
Okhotsk
,
while small oil fields with less than 5 million tons in reserves will also get
additional tax breaks, Sechin said.
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