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Ministry of Energy favors tax incentives for projects on the shelf of the Arctic

2019-08-27T16:41:03.399Z

The Ministry of Energy of Russia proposes to introduce tax incentives for projects on the shelf of the Arctic, which will help attract investors. This was stated by head of department Alexander Novak.



“The issue that needs to be discussed, and, in my opinion, it is very important is the change in the fiscal system, which in principle would make projects in the Arctic more attractive,” the Minister quotes TASS.

According to him, the current conditions are economically unattractive due to the very low profitability.

“Our proposal is also to translate these projects, which today in the long term on the Arctic shelf can be implemented, into the fourth category (difficulties. - RT ). That is, provide for more favorable taxation regimes that would increase profitability and attract investors, ”he added.

Earlier, Russian Deputy Minister of Energy Pavel Sorokin, speaking about oil production in the Arctic, noted that the pace of development of Arctic deposits largely depends on access to technology and infrastructure.

In late March, Russian President Vladimir Putin instructed to draw up a draft strategy for the development of the Arctic zone.

Source: russiart

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