Russia hopes to invest up to $225 billion (163 billion euros) in offshore oil and gas exploration through 2030 and may introduce tax breaks to attract foreign investors, a report said on Friday. The preliminary draft of a government programme to be discussed for the first time next month admits that Russia's current attempts to develop its Arctic shelf are progressing too slowly, the Kommersant business daily said.
The plan developed by the Natural Resources Ministry, which is one of several under discussion, would see the government lure foreign investors with tax breaks and other incentives long sought by the world's top energy firms. The most investor-friendly plan under discussion would see the government invest 1.33 trillion rubles ($42 billion) in the joint project while private and foreign firms would contribute 5.7 trillion rubles. A source at the Russian energy ministry told Kommersant that the government "was on the whole in agreement" with the reported plan.
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