Support The Moscow Times!

Energy Official Resigns

Deputy Energy Minister Pavel Fyodorov, who served as state oil company Rosneft's top financial official before joining the government, has resigned, the ministry said on Wednesday.

Fyodorov is close to Rosneft CEO Igor Sechin and sources close to both men have said he was likely to rejoin the oil company after a stint in government, where he was responsible for tax reform and foreign investment.

Tax breaks proposed by Fyodorov and designed to coax oil companies to investment in shale and other "tight" oil projects, where oil is difficult to extract, has yet to be formalized.

Those tax breaks, along with a package of tax holidays on investments in Arctic offshore provinces, must pass in order for Rosneft to proceed with exploration ventures with ExxonMobil and other international oil companies.

(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.