PRESS: Novatek asks govt to cancel div tax for foreign investors

MOSCOW, Jun 7 (PRIME) -- Russian independent gas producer Novatek has asked the government to cancel the tax on dividends for foreign investors who are ready to reinvest the money into liquefied natural gas (LNG) projects, Kommersant business daily reported on Wednesday citing sources familiar with the request.

“Novatek CEO Leonid Mikhelson has asked the government to grant the powers to the government’s commission for foreign investment control,” the business daily reported.

Mikhelson said in his letter to the government that the foreign partners of Novatek that receive dividends from the Yamal LNG project, including Chinese investors in Yamal LNG -- CNPC and SRF -- are ready to spend them on Russian projects if the tax is cancelled.

Novatek, the government’s executive office, and the Finance Ministry did not respond to a request for comment.

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