Moscow comes to the aid of local offshore industry

Moscow comes to the aid of local offshore industry

Moscow: Russians using Russian-made equipment on the Russian shelf will get tax relief. A bill facilitating oil exploration is on its way and will be finalised in a couple of months, Kommersant reports. The move is made to kickstart the Russian offshore manufacturing sector in the wake of sanctions against the world’s largest country.

Meanwhile, the government has started preparing a proposal on how to cut tax obligations for the nation’s oil companies.

Both federal and local level politics are involved in the process, including four ministries.

This could significantly reduce taxation on oil and gas exploration for the companies, which apply Russian-made technology.

 

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.

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