Russia set to slash crude export duty for new fields in East Siberia
The Russian government has decided to extend tax breaks for oil production in Eastern Siberia. Mineral Extraction Tax (MET) breaks will be prolonged until January 1, 2022, while export duty on new deposits in the region will be cut by nearly twofold, Energy Minister Alexander Novak told reporters on Monday.
“We have decided at the meeting to extend Mineral Extraction Tax breaks, the so-called tax holidays, from oil fields located in eastern Siberia, until January 1, 2022," Novak said after the meeting with Russian Prime Minister Dmitry Medvedev to stimulate the production of hydrocarbons, PRIME reported.
“The new decisions will involve new deposits and provide additional oil volumes, which means the receipt of extra tax revenues. The financial and economic calculations prepared jointly with the Finance Ministry suggest we’ll get about $300 billion for the state budget by 2030,” RIA Novosti quoted Novak as saying.