14 Nov 2012 17:30

Certain types of difficult-to-recover oil to get 20%, 40% NRET discounts

MOSCOW. Nov 14 (Interfax) - A preferential natural resources extraction tax (NRET) equal to 20% of the existing rate will be granted to fields with difficult-to-recover oil at a depth of no more than ten meters, according to draft amendments to the Tax Code, which have been published on the Russian Finance Ministry's website.

Fields with difficult-to-recover oil at a depth of more than ten meters will get a 40% discount on the NRET.

The discounted rates will apply to oil reservoirs with permeability of not more than 2 milidarsi (mD) (2