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.