THE Russian parliament has approved amendments to legislation that will benefit unconventional oil development operators by allowing them to use a simplified taxation mechanism to reduce their tax take, improve profitability and secure investments. Due to come into fprce from 1 January 2024, the amendments will apply to heavy viscous oil projects - similar to Canada's oil sands - that are mostly concentrated in central Russia's Tatarstan region and the Komi region in the country's north. The changes passed despite the government's efforts to raise additional revenues from the oil and gas sector and use them to reduce the huge budget deficit.
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