LUKoil to benefit from tax incentives in long-term

Fri. August 29, 2008; Posted: 11:11 AM

Moscow, Aug 29, 2008 (RosBusinessConsulting via COMTEX) -- LUKOY | Quote | Chart | News | PowerRating -- LUKoil's additional revenue from all tax incentives over the next ten years may amount to $24bn-$27bn, the Russian oil company's Vice President Leonid Fedun told journalists today. He added that LUKoil's capitalization was likely to increase 20 percent over this period. Fedun reiterated that due to a change in the oil and gas production tax, LUKoil's additional revenue could reach $8.4bn in 2009-2017 (including $890m in 2009). He also indicated that the introduction of tax incentives could prompt changes in LUKoil's investment program, namely, decrease the timeframe for carrying out some projects.

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