Russia Energy Ministry outlines Arctic taxes-sources

(REUTERS) Russia’s Energy Ministry has outlined a new tax policy designed to attract tens of billions of dollars of investment into promising but challenging new oil provinces in Arctic offshore zones, government sources said on Wednesday.

The world’s largest oil producer faces falling output in the Soviet-era oil heartland of Western Siberia and will need to open up its continental shelf to sustain output that, according to some forecasts, would otherwise peak later this decade.

Read full article by Melissa Akin in REUTERS

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