Russia compensating drilling rig owners 20%-25% of cost of new equipment
MOSCOW. Nov 18 (Interfax) - The Russian government will compensate the owners of oil and gas drilling rigs between 20% and 25% of the cost of buying new Russian-made equipment, provided innovative solutions are used, according to information posted on the government's website.
Russian Prime Minister Mikhail Mishustin signed a resolution on the matter.
The main condition is that the old equipment is recycled.
Subsidies can be between 50 million and 150 million rubles to buy a new rig, depending on the type of rig.
The subsidies will be an incentive for companies to update their equipment and will help support the Russian manufacturers of such equipment, the government said.