PRESS: Novatek asks govt to reduce extraction tax for oil

MOSCOW, Mar 30 (PRIME) -- Russian independent gas producer Novatek CEO and core owner Leonid Mikhelson has asked the government to reduce the mineral extraction tax for oil and gas condensate to restrain petrochemical goods inflation, Kommersant business daily reported on Wednesday citing the CEO’s letter to Prime Minister Mikhail Mishustin.

Novatek suggests that the tax should be calculated basing on the U.S. dollar exchange rate as of a date before its leap due to the special military operation in Ukraine, below 75 rubles against a U.S. dollar, from March 1 until the end of 2022.

Experts say such a decision could bring the industry around 30 billion rubles annually.

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