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Decree of February 19, 2021 No. 219

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Decree of February 19, 2021 No. 219

Prime Minister Mikhail Mishustin, by his resolution, approved the form, as well as the rules for concluding investment agreements between the Ministry of Energy and oil refining companies to stimulate investment in the industry.

Changes to the Tax Code, approved in October 2020, imply the introduction of an additional investment coefficient (1.3) to the reverse excise tax on crude oil. The condition for obtaining it is investment in the construction of deep oil refining units – more than 50 billion rubles by 2026.

The fulfillment of obligations will be monitored within the framework of agreements concluded with the Ministry of Energy. The enterprises will report on the fulfillment of the terms of the agreements annually until March 30.

The reverse excise mechanism will allow attracting about 1 trillion rubles for the construction of about 30 deep oil refining units in the next 6-10 years.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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