MOSCOW, February 22. /TASS/. Russia’s Federation Council (upper house of parliament) passed a bill at its Wednesday meeting that will, among other things, provide Gazprom Neft with a tax exemption for building infrastructure that would be used to transport liquid hydrocarbons extracted on the territory of the Yamal peninsula. The document initiated by the government amends Russia’s Tax Code.

According to the document, the company will be provided a tax credit in the amount of 1.111 bln rubles ($15 mln) per month from April 1, 2023 to March 31, 2029, meaning 79.2 bln rubles ($1 bln) for the whole period.The company will spend the funds received to finance the construction of infrastructure for transporting liquid hydrocarbons extracted on the Yamal peninsula from the Bovanenkovo and Kharasavey gas and oil condensate fields.

The funds received should be returned from April 1, 2029 to March 31, 2035, with the amount adjusted by 9%.

Meanwhile, the bill sets limitations for the application of the tax deduction if the level of Urals oil prices in the tax period is less than or equal to the base oil price level, or if the level of Urals oil prices in the tax period is higher than the base price increased by $27.55 per barrel.