In Russia, Reuters reported that Russian President Vladimir Putin approved nullifying mineral extraction tax for natural gas used in the production of ammonia and hydrogen in the Arctic.
The report noted that the tax breaks relate to natural gas from the Gydan and Yamal peninsulas. Russia’s largest producer of liquefied natural gas (LNG) Novatek NVTK.MM planned to produce ammonia at its future Obsky project there.
The law also reduces the rate of profit tax for projects built in the Arctic regions after January 1 2025, the report adds.
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