Oil exploration firm Petroneft is set to benefit from changes to the Russian tax code that will see smaller oil fields have their tax bills cut by up to 50 per cent.
A new bill, which is moving through the Russian parliament, the Duma, allows for a 50 per cent discount on minerals extraction tax (MET) liability for fields of 7.5 million barrels or less and a 25 per cent discount for fields of between 7.5 and 22 million.
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