Shtokman Devt to receive discount rate of corp profit tax at 13.5%

MOSCOW, Aug 29 (PRIME) — Shtokman Development, the operator of Russias Shtokman natural gas project, expects to receive a discounted rate of the corporate profit tax at 13.5% compared to the current level of 20%, the company said in a statement Monday.

Under recent amendments to the legislation of the Murmansk Region, where the Shtokman gas field in located, strategic projects being implemented in the region could be released from payment of the property tax, while the regional rate of the corporate tax is to be set at 13.5%, the company said.

Located in the Barents Sea, the Shtokman gas field contains 3.8 trillion cubic meters of natural gas and 53.3 million tonnes of gas condensate reserves.

Russian natural gas monopoly Gazprom owns a 51% stake in Shtokman Development, while Frances Total owns 25%, and Norwegian oil and gas company StatoilHydro owns the remaining 24%.


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