Russian Gov't Made No Decisions on Tax Exemptions for Rosneft's Arctic Project - Kremlin
The Russian government has not made any decisions on whether to grant Russian oil giant Rosneft tax exemptions worth 2.6 trillion rubles ($41.5 billion) for its prospective exploration of the Arctic region, presidential spokesman Dmitry Peskov said on Monday
MOSCOW (Pakistan Point News / Sputnik - 15th July, 2019) The Russian government has not made any decisions on whether to grant Russian oil giant Rosneft tax exemptions worth 2.6 trillion rubles ($41.5 billion) for its prospective exploration of the Arctic region, presidential spokesman Dmitry Peskov said on Monday.
Late on Sunday, Russian newspaper Vedomosti reported that Rosneft's CEO Igor Sechin presented his plan for the exploration of the Arctic region in a letter addressed to Russian President Vladimir Putin, in which he requested tax exemptions, projecting future investments into the project of over 5 trillion rubles.
"Firstly, we have not made any decisions on the matter, and secondly, we do not usually comment on working correspondence and will not do so now," Peskov told journalists.
Sechin met with Putin in April, during which time he outlined Rosneft's plans to create an Arctic oil cluster that would start operating by 2024 and would put out up to 100 million tonnes of oil by 2030. At that time, he emphasized to the Russian president the importance of securing long-term tax incentives for the project in order to attract foreign investors.