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Russia introduces tax relief for new Arctic LNG projects

MOSCOW (Reuters) - Russia introduced fresh tax relief on Wednesday for new liquefied natural gas (LNG) projects in the Arctic, focused on those intended to come on stream from 2022, the text of a law signed by President Vladimir Putin showed.

The zero-rate extraction tax on natural gas will primarily benefit independent gas producer Novatek, which plans to boost production in the region. The law also included taxation support for the Vankor group of oilfields being developed by Rosneft.

Reporting by Anastasia Lyrchikova and Katya Golubkova; Writing by Polina Ivanova; Editing by David Goodman

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