MOSCOW, December 9 (RIA Novosti) - The operator...
The managing director of Shtokman Development AG, controlled by the Russian energy giant, told Russian lawmakers that Shtokman partners believe they should be exempted from natural gas extraction and property taxes.
"The fiscal burden should be reasonable so that we are able to make the final investment decision and start the project's implementation," Yury Komarov said during a roundtable meeting in the State Duma.
He said the project had recently run into difficulties, including rising construction costs and falling hydrocarbon prices, and problems in obtaining loans due to the credit crunch.
Komarov said on Monday that borrowed resources would account for 70% of funding for the Shtokman project.
"Our partners are expected to provide a significant volume of resources - about 30%, with the other 70% coming from loans," he said.
Project partners said in October they would invest from $15 billion to $20 billion in the project by 2014.