Lukoil to need to invest 65 bln rbl more under added income tax

MOSCOW, Mar 5 (PRIME) -- Russian oil major Lukoil estimates that it would need to invest 65 billion rubles additionally in its brown fields in the next five years under the added income tax mechanism, Senior Vice President for Oil and Gas Production Azat Shamsuarov said in a conference call on Tuesday.

“We estimate additional investment in brownfields under the added income tax at about 65 billion rubles during the first five years,” he said.

The added income tax came in force from January 1, and it will tax the cash flow of a field, not the oil production.

(65.7956 rubles – U.S. $1)

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