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Ministry of Energy and Ministry of Finance agree on new benefits for Arctic projects

2019-10-22T18:30:51.746Z

The Ministry of Energy, the Ministry of Finance and the Ministry for the Development of the environment have prepared proposals for incentive measures for the implementation of projects and development of deposits in the Arctic. This was announced by Minister of Energy of Russia Alexander Novak.



“Together with the Ministry of Development of the Far East and the Arctic, the Ministry of Energy and the Ministry of Finance, these proposals have been prepared, and they are agreed in principle,” Novak quotes TASS.

He said the changes were prepared in five bills.

The Minister explained that we are talking about benefits for new deposits, tax on mining and benefits for LNG projects, for offshore production.

“But more specifically, we will tell you after the meeting in the government, after the government decides,” he added.

In early September, Novak said that the Russian government was discussing the benefits of mineral extraction tax and income tax to attract investment in the Arctic.

Source: russiart

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