Russia Not Planning To Raise Oil, Gas Taxes For Several Years - Deputy PM
June 28 2012 - 07:54AM
Dow Jones News
Russia does not support the raising of taxes in oil and natural
gas industry for the next 5 to 6 years, Deputy Prime Minister Igor
Shuvalov said Thursday.
Speaking to reporters, he said if an opportunity for lowering
taxes arises "the government would do everything possible to
stimulate economic activity".
Russia is facing a slowly declining output of oil, its main
source of the foreign income, as companies are reluctant to invest
in largely untapped fields in the Arctic and in Eastern
Siberia.
However, Russia has introduced tax breaks for the companies
ready to explore oil and gas offshore, mostly in the Arctic, which
has already resulted in three major international deals with
Russia's state-controlled oil company OAO Rosneft (ROSN.RS).
Write to Ira Iosebashvili and Alexander Kolyandr at
Ira.Iosebashvili@dowjones.com