Gulf Oil and Gas accountACCOUNT

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

Source: 10/6/2017, Location: Asia

Share |
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.

Investment News in Russia >>

Russia >>  7/11/2018 - Washington repeated a warning on Wednesday to Western firms invested in Russia’s Nord Stream 2 pipeline to Germany that they were at risk of sanctions...
United Arab Emirates >>  7/9/2018 - His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Abu Dhabi National Oil Company (ADNOC) Group CEO, held a series of meetings with C...

United Kingdom >>  7/2/2018 - AIM-listed UK Oil & Gas Investments (UKOG) has announced that it has raised gross proceeds of £5 million via a placing including two institutional inv...
United States >>  6/26/2018 - GE announced the results of its strategic review. GE will focus on Aviation, Power and Renewable Energy, creating a simpler, stronger, leading high-te...

United Arab Emirates >>  6/23/2018 - New investment models will encourage optimal development in the oil and gas sector, Majid Jafar, CEO of Crescent Petroleum told OPEC ministers and ind...
Egypt >>  6/21/2018 - Italian energy company Eni has so far invested $8.4 billion in Egypt's offshore Nooros and Zohr gas fields and is planning to make a $3 billion new in...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Russia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 |

Oil & Gas Projects in Russia >>

More News


Oil & Gas Companies in Russia >>

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.