en | hu | ru | bg | ro | tr FacebookTwitterGoogle+LinkedInYouTubeInstagram
+ 357-24-636-919
+ 44-20-7556-0900

Sign up for a free consultation
Subscribe to our newsletter
Request a return call
Downloadable brochures
Request a brochure
5 Minutes Offshore
How to order a company from LAVECO Ltd
Latest news
Currency exchange rates: USD/1 unit
HUF 0.0038
GBP 1.3036
CHF 1.057
RUB 0.0167
HKD 0.1281
JPY 0.009
CNY 0.1482
CAD 0.7987
AUD 0.7945
BRL 0.3187
EUR 1.1648


Russian President Orders More Tax Breaks For Yamal LNG


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.