October 29, 2019 / 5:16 PM / 20 days ago

Rosneft, Gazprom Neft to get 10-year tax breaks for work at Russia's largest oilfield: draft bill

MOSCOW (Reuters) - Russia’s Rosneft and Gazprom Neft will respectively receive 465 billion roubles and 135 billion roubles in tax breaks over 10 years for their work at the Priobskoye oilfield, a draft bill published on Tuesday said.

According to the bill, the Russian finance ministry is proposing a mineral extraction tax of 385 roubles per 1,000 cubic meters of associated petroleum gas to compensate for these tax breaks.

The head of the Russian finance ministry’s tax department said last month that it had in principle approved tax breaks for developing the Priobskoye oilfield, Russia’s largest, to oil giants Rosneft and Gazprom Neft.

Reporting by Gabrielle Tétrault-Farber

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