KAZAN, August 26. /TASS/. The Russian government is working on creating a system of fiscal incentives for the development of hard-to-recover reserves, which will provide oil companies with clear conditions for doing business in the long term, First Deputy Energy Minister Pavel Sorokin said, adding that the key task is to determine the tax regime for investors 3-5 years before the actual development of oil fields begins.
"We continue to work on developing a system of incentives for hard-to-recover reserves. It is important to make sure that companies have a clear idea of the fiscal regime, in which they will operate, and understand what resources they need to achieve their goals, 3-5 years before the start of development," he noted.
The solution will help solve the issue of long-term planning and attraction of large-scale investments, one of the industry's major problems in developing complex deposits. Early determination of working conditions will enable companies to structure projects more effectively, conclude long-term contracts with equipment suppliers, and plan the introduction of necessary technologies, primarily domestic ones.