Support The Moscow Times!

Duma Gives Tatneft a Break

The State Duma on Thursday voted in favor of tax breaks worth $1.2 billion over a six-year period for Tatneft. 

Legislators voted in favor of the tax breaks after a new tax regime started from Oct. 1, cutting crude oil export duty and raising the fee for heavy oil products. 

The motion was carried out despite the government's decision to postpone tax breaks for Tatneft, which faced losses of more than $1 billion from the new tax policy. Tatneft invested more than 180 billion rubles ($5.86 billion) in refinery construction, and half of its output, or 7 million tons, will be heavy oil products.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.