Changes to legislation aimed at providing incentives for hydrocarbon production at offshore deposits

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On 30 September 2013, Russia’s president signed into law Law No. 268-FZ, which amends the Tax Code, the Customs Duties Law and the Continental Shelf Law, with the aim of providing incentives for hydrocarbon production at subsoil sites situated within the following boundaries:

  • inland seas and/or territorial waters of the Russian Federation; and/or    
  • the continental shelf of the Russian Federation; or
  • the Russian portion/Russian sector of the Caspian Sea bed.

The incentives provided for by Law No. 268-FZ for hydrocarbon production at Offshore Deposits include the creation of a set of tax incentives; exemption for a certain period of time from customs export duties for certain types of hydrocarbons exported from Russia and obtained/produced from the development of a number of Offshore Deposits; and enhancement of the legal regime governing the creation, operation and use of Shelf Facilities…

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