Rosneft sees govt revenue from Priobskoye incentives at 1 tln rbl

MOSCOW, Sep 17 (PRIME) -- The Russian government’s revenue from investment incentives for oil major Rosneft’s Priobskoye field will multiply, depending on macroeconomic conditions the effect may amount to up to 1 trillion rubles, a company spokesman told reporters Thursday, commenting on the revised version of the relevant bill.

“We are talking about the conclusion of a legally binding investment contract, which implies the use of a flexible taxation system, thanks to which state revenues will multiply and amount, depending on the emerging macroeconomic parameters, up to 1 trillion rubles,” he said.

Under the new draft bill prepared by the Finance Ministry, Rosneft may receive tax incentives of 45.96 billion rubles annually for the development of the Priobskoye field.

The new version of the bill defines a fixed amount of the deduction – no more than 3.83 billion rubles for the tax period, provided that the average price of Urals oil blend for this period exceeded the base price of the Russian budget. If the price of the brand is at or below the base price, then the incentive is not provided.

(74.9278 rubles – U.S. $1)

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