Presidium of the Russian government at a meeting on 23 July will consider the issue of tax holidays for deposits of the Black and Okhotsk Seas.
Need for the bill due to theexpediency of creating favorable conditions for development of fields located in these areas to increase oil production, the report says the government.
The bill establishes the right of taxpayers to use a zero tax rate on mineral extraction tax, with oil production at oil fields, located wholly or partly in the waters of Black Sea and Sea of Okhotsk.
In particular, the provision of tax holidays in the initial phase of development for the sites of bowels, located in the Black Sea, until the accumulated production volume of 20 million tonnes, or for a term of 10 years of development, and for the sites of bowels ohotomorskogo Basin — until the accumulated production volume of 30 million tonnes, or for a term of 10 years to develop. For the combined license appointed 15-year period.
Given the assignment of the President of the Government of Russian Federation Vladimira.Putina, the bill provides for the entry into force on the day of its official publication and distribution of its rules on legal relationship arising from 1 January 2009.
Previously, tax holidays have been introduced to the field of Caspian and Azov seas. In the case of new developments in the tax code, benefits rasprostanyatsya to the Sakhalin projects, located on the shelf of the Okhotsk Sea.
Projects Sakhalin-1 and Sakhalin-2 are implemented on the basis of production sharing agreements (PSAs). Participants in the Sakhalin-1 are companies Exxon Neftegas Limited (30%), Rosneft (20%), Indian ONGC (20%) and Japanese Sodeco (30%). The operator of the Sakhalin-2 - the company Sakhalin Energy, the shareholders are Gazprom (50% plus 1 share), Royal Dutch Shell (27,5%), Japanese Mitsui (12,5%) and Mitsubishi (10%) .
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