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Of the Russian Federation and Exxon Mobil concluded a settlement agreement in a dispute over taxes from the Sakhalin-1 project - EastRussia | Far East

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Russia and Exxon Mobil have entered into an amicable agreement in the dispute over taxes from the Sakhalin-1 project

An amicable agreement between Russia and Exxon Mobil was signed during a lawsuit on a claim for recovery of funds under a production sharing agreement for the Sakhalin-1 project, the press service of the Russian Finance Ministry reported. As noted, the parties reached a mutually beneficial compromise, the details of which were not disclosed. On behalf of the Russian Federation, the document was signed by Finance Minister Anton Siluanov. The corresponding order of the head of the Cabinet of Ministers Dmitry Medvedev published 12 September.

American Exxon Mobil filed a lawsuit against the Russian Federation for $ 637 million to the Arbitration Institute of the Stockholm Chamber of Commerce in April of the year 2015. Her "daughter" Exxon Neftegas (operator of the project "Sakhalin-1") from 2008 year insisted on changing the income tax rate - from the 35% project on the 24% projected in the production sharing agreement (PSA), and from 2009 on 20 %, established by the Tax Code of the Russian Federation. Russia refused on the grounds that the PSA has the status of a law, and amendments in it are possible only by a court decision. The company offered to write off almost half of the amount, after which it appealed to the court. In March of this year, the company and the RF Ministry of Finance agreed to settle the dispute in a pre-trial order.

In the Sakhalin-1 oil project, Exxon Neftegas Ltd has a stake in 30%. Also participating are Tokyo-based Sakhalin Oil & Gas Development Co (SODECO, established by Japan’s Japan Petroleum Exploration, Japan National Oil Corp., Itochu Corp. and Marubeni) with a stake in 30%, Rosneft (20%) and Indian ONGC ( 20%). The project is developing offshore oil and gas fields of Chayvo, Odoptu-Sea and Arkutun-Dagi. Last year, oil production amounted to 8,9 million tons. Reserves are estimated at 307 million tons of oil and 485 billion cubic meters. m of natural gas. It is assumed that mining will last to 2040's.