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Russian Ministry of Finance & Rosneft Agree on Estimated Effect of Investment Incentives

Source: 10/6/2017, Location: Asia

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Russian Ministry of Finance and Rosneft report that they completed the work to confirm estimated effect of granting investment incentives for Rosneft's Samotlor field.

Following the consultations, Russian Ministry of Finance will submit by October 15, 2017 a bill to provide investment incentives for Rosneft's Samotlor field in the form of the annual MET reduction by 35 bln. rubles for the period of 10 years. For its part, Rosneft will commit to increased investment with a view to ensure early production growth, create new jobs, enhance the state's revenue base, and develop regional infrastructure.

Commenting on completion of the work, Rosneft Chief Executive Officer Igor Sechin noted, "The proposed measures developed pursuant to the assignment of the Russian President to enhance the investment attractiveness of Rosneft in the context of the integral privatization deal, will allow us to give a new impetus to the development of one of the largest oil fields in the country, and to produce a noticeable multiplicative effect both for the region, and the entire Russian economy. At the next meeting of the Company's Board of Directors, we will approve the extended investment program for Samotlor field, for fulfilling the objective to grow production in order to compensate the incentives granted».

Minister of Finance of the Russian Federation Anton Siluanov commented, "It was important to us to create efficient economic incentives for Rosneft to boost the investment activity in one of the largest fields. The state will not only gain from production growth in the coming years, but also, being the controlling shareholder of Rosneft, will receive additional revenue in the form of increased dividend payments».

The investment incentive package is expected to be put into effect on January 1, 2018, after adopting relevant changes to the Tax Code of the Russian Federation.

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