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Putin Signs Offshore Hydrocarbons Stimulus Bill Into Law

© RIA Novosti . Alexei NikolskiyRussian President Vladimir Putin
Russian President Vladimir Putin - Sputnik International
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Russian President Vladimir Putin has signed a federal law granting tax and customs benefits for oil and gas production on the country’s continental shelf, the Kremlin site said Monday.

MOSCOW, September 30 (RIA Novosti) – Russian President Vladimir Putin has signed a federal law granting tax and customs benefits for oil and gas production on the country’s continental shelf, the Kremlin site said Monday.

It sets out stimulus measures for companies involved in oil and gas production on Russia’s continental shelf of in the Russian section of the Caspian Sea, such as zero VAT on the sale and transportation of hydrocarbon raw materials and derivatives.

It was adopted by the State Duma, Russia’s lower house of parliament, on Sept. 11, and approved by the Federation Council, the upper house, on Sept. 25.

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