Russia’s Novatek said on Thursday it has gained a status to operate in the Advanced Special Economic Zone (ASEZ) in Russia’s Far East, taking advantage of tax benefits, Kallanish Energy reports.
The company said Novatek-Murmansk, a wholly owned subsidiary of Novatek, signed an agreement with the Far East Development Cooperation to obtain “resident status” in the economic area.
The so-called “Capital of the Arctic” offers preferential tax conditions and simplified administrative procedures aimed at attracting investment and accelerating economic development.
Novatek is carrying out one of the largest investment projects in the Murmansk region, building a liquefied natural gas (LNG) construction center. The region serves as a hub for the assembly and construction of its large-scale LNG projects in the Arctic, such as the Arctic LNG 2 project.
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