Russia says ExxonMobil to pay 35% profit tax for Sakhalin-1

MOSCOW, Oct 23 (PRIME) -- The terms of an amicable settlement of a case between ExxonMobil and Russia over the Sakhalin-1 project stipulate payment of a 35% profit tax, according to a government’s document seen by PRIME on Tuesday.

ExxonMobil, which owns a 30% stake in the Sakhalin-1 oil block, earlier submitted a lawsuit against the Russian government to the Stockholm Arbitration Court, intending to reach an agreement on a retroactive corporate profit tax cut to 20% from 35% for the Sakhalin-1 block.

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