20 July 2011

CEO of Shtokman Development AG and vice-speaker of the RF State Duma discussed the perspectives of legislative measures to enhance support for the Shtokman Project

On July 20, 2011 a meeting was held in Moscow between Alexey Zagorovskiy, CEO of Shtokman Development AG (SDAG) and Valery Yazev, deputy Chairman of the RF State Duma to discuss the issues related to the state support of the Shtokman gas condensate field development. Specifically, the parties discussed a package of legislative measures to increase the economic attractiveness of the field development as well as expansion of the investment potential of the projects to develop shelf fields in the Arctic in general.

Particular focus was made on the package of draft laws received in the State Duma for consideration related to application of concessional taxation for the Shtokman Project, opportunities to establish, operate and use artificial islands and simplification of the border crossing rules in the area of shelf operations.