Duma 'backs tax break' for Arctic gas fields

Fillip: for Shtokman project

SHTOKMAN.RU

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By Steve Marshall and news reports

 07 January 2013 12:03 GMT

Russia’s parliament, the State Duma, is reported to have backed the scrapping of an onerous property tax on Arctic offshore gas projects in a possible move that could help kick start the stalled Shtokman scheme.

The proposal for revised tax terms on offshore gas fields is being considered as part of draft legislation for a fiscal overhaul hammered out by the government of President Vladimir Putin to promote development of high-cost projects in the Russian Arctic.

Gas monopoly Gazprom has been engaged in protracted negotiations with government officials to push the tax reform, which would mean lower taxes and duties for projects developed after 1 January 2016.

The new bill on offshore gas fields that defines the legal status of offshore installations and proposes abolition of the property…

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