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Russia to prepare draft laws for LNG tax privileges by yearend - govt

© RIA Novosti . Yuri Lushin / Go to the photo bankGas extraction on the Yamal Peninsula
Gas extraction on the Yamal Peninsula - Sputnik International
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The Russian government has asked the Finance Ministry, Economic Development Ministry and Energy Ministry to prepare draft laws to introduce tax privileges for gas extracted on the Yamal Peninsula in the country' north and meant for further liquefaction before December 31, a cabinet regulation said on Monday.

The Russian government has asked the Finance Ministry, Economic Development Ministry and Energy Ministry to prepare draft laws to introduce tax privileges for gas extracted on the Yamal Peninsula in the country' north and meant for further liquefaction before December 31, a cabinet regulation said on Monday.

The government plans to introduce a zero mineral extraction tax regime on gas produced on the Yamal Peninsula for further liquefaction on condition that the time of field development does not exceed 12 years from the start of the liquefied gas production. No tax will be exercised until the accumulated volume of gas production reaches 250 billion cubic meters.

It also plans to introduce a zero tax regime on gas condensate produced on the Yamal Peninsula on condition that the time of field development does not exceed 12 years from the start of the liquefied gas production. The tax-free regime will be exercised until the accumulated volume of gas condensate produced together with natural gas meant for further liquefaction reaches 20 million tons.

The ministries must also present a draft under which no customs duty will be levied on gas condensate and liquefied gas produced on the Yamal Peninsula.

 

MOSCOW, October 18 (RIA Novosti)

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