Support The Moscow Times!

Gazprom Gets Exemption

Gazprom may get a 10-year tax exemption for crude oil exported from its Prirazlomnoye development, Russia's first major offshore oil project in the Arctic.

The project will probably not be able to turn a profit without the tax relief, said two government officials, who declined to be identified before the exemption is approved. The project has received a temporary exemption from the mineral extraction tax.

Production drilling on the project is planned for around the first quarter of next year, with output planned to peak at about 6 million to 6.5 million tons a year in 2019. The project's platform and 40 wells may cost $7 billion, Gazprom deputy department head Nikolai Kabanov said Sept. 13.


Read more

We need your help now more than ever.

Independent media outlets and journalists in Russia are being increasingly targeted with “foreign agent” and “undesirable” labels, threatening the existence of the free press day by day.

Your donation to The Moscow Times directly supports the last independent English-language news source within Russia.