YAMAL LNG ENACTED
JSC Yamal LNG reports enactment of the Agreement between the Government of the Russian Federation and the Government of the People's Republic of China on cooperation on the Yamal LNG project (hereinafter refered to as the "Agreement").
The Agreement is geared to establish favorable conditions for ivestment cooperation in the Yamal LNG Project.
The Russian side secures incentivizing tax regime for the Project, including zero Mineral Extraction Tax rate with regards to the natural gas and gas condensate, zero rate export duties for LNG and stable gas condensate, as well as VAT exemption for the imported equipment which has no equivalents manufactured in Russia.
The Chinese side, for its part, commits to buy at least 3 million tons of LNG per year, and support facilitatation of financing for the project by financial institutions of the People's Republic of China.
The Agreement is in effect throughout 31 December 2045.
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