MET Hike to Hit Novatek, Indies Hard

摘要

The Russian government has announced dramatic changes to the mineral extraction tax (MET) formula as it targets the natural gas industry to raise funds, a move that will hit independents like Novatek especially hard. For state gas giant Gazprom, Deputy Finance Minister Sergei Shatalov said Wednesday that the rates will equal 582 rubles ($20) per 1,000 cubic meters in the first half of 2013 and 679 rubles in the second half; 717 rubles in the first half of 2014 and 859 rubles in the second half; and 886 rubles in the first half of 2015 and 1,062 rubles in the second half (IOD Apr.30'12).