MOSCOW, September 30. /TASS/. Gas production in Russia is expected to grow by 4.8%, to 668.2 billion cubic meters by the end of 2024, according to a baseline forecast prepared by the Economic Development Ministry for 2025 and the planning period of 2026 and 2027.

By the end of the year, pipeline gas exports will increase by 10.3%, to 111.4 billion cubic meters, LNG exports will grow by 5.7%, to 35.2 million tons.

In 2025, gas production will increase to 695.4 billion cubic meters and to 709.1 billion cubic meters and 729.7 billion cubic meters in 2026 and 2027 respectively.

Pipeline gas exports in 2025 will increase to 120 billion cubic meters and to 126 billion cubic meters and 22 billion cubic meters in 2026 and 2027 respectively.

LNG exports in 2024 are projected at 35.2 million tons (in spring 2024 this estimate was 38 million tons) against 33.3 million tons in 2023, 40 million tons in 2025, 45.2 million tons in 2026. In 2027 they will increase sharply, to 58.4 million tons.

Average contract prices for gas (including the CIS countries) are projected in 2024 at $279.9 per 1,000 cubic meters (against $318.8 in 2023), $259.1 in 2025, $247.6 in 2026, $240.2 in 2027.

As for gas prices for non-CIS countries, they are expected to be at the level of $328.4 per 1,000 cubic meters (versus $393.8 in 2023) in 2024, $304.5 in 2025, $288.3 in 2026, and $280.2 in 2027.

On the mineral extraction tax on ore and excise taxes on petroleum products

Also, as part of formation of the federal budget parameters for 2025 and for the planning period of 2026 and 2027, a draft amendment to the Tax Code has been prepared, which contains changes in terms of the mineral extraction tax on ore and excise taxes on petroleum products.

In terms of mineral extraction tax - in order to stimulate new investment projects for the extraction of "poor" complex ores with a low content of useful components in the Krasnoyarsk region - the bill clarifies the conditions for the abolition of the application of the "lower threshold" of the tax rate for mineral extraction tax for subsoil areas, the reserves of which were first entered into the state balance of mineral reserves after January 1, 2024.

The document provides for a change in excise rates on petroleum products with an adjustment of the damping component for petroleum feedstock sent for processing. From the change in excise rates, additional budget revenues will amount to 131 billion rubles ($1.4 bln) in 2025, 167.6 billion rubles ($1.7 bln) in 2026, 216.7 billion rubles ($2.3 bln) in 2027.