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Gazprom Neft Exempted

Gazprom Neft, the oil arm of the Russian gas exporter, said tax breaks for fields in the Yamal-Nenets region will help save about 130 billion rubles ($4.68 billion) over a 10-year period.

The Messoyakha oil field and deposits of the SeverEnergia venture will be exempt from the mineral extraction tax, Gazprom Neft said in an e-mailed statement Thursday.

The fields' first 25 million tons of production will be free of the tax, according to a law signed by President Dmitry Medvedev, the Kremlin said on its web site Thursday.

(Bloomberg)

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