China raised the issue of preferences for Yurubcheno-Tokhoma deposit

​When discussing the joint oil projects with Russia the representatives of China raised the issue of granting preferences for the Yurubcheno-Tokhoma deposit in the Eastern Siberia which is planned to be developed by Sinopec and Rosneft, the Vice-PM, A. Dvorkovich, said.

There were no official requests but China mentioned the Yurubcheno-Tokhoma deposit, he said.

The Government of Russia is ready to consider the issue of granting preferences for oil projects of Russia and China.

The Yurubcheno-Tokhoma deposit was considered as one of the pilot projects for the application of a new system of taxation in the oil sector – tax for financial result which was supported by the Ministry of Energy of Russia. The project of a new system was not supported by the Ministry of Finance and it was not started in 2016. The agencies go on discussing the new system of taxation in the oil sector.

Rosneft and Sinopec in 2015 signed the main conditions of cooperation by the Russky and Yurubcheno-Tokhoma deposits in Beijing. The agreement presupposes a possible purchase by Sinopec of up to 49% of “East Siberian oil and gas company” CJSC and Tyumenneftegas CJSC that hold the licenses for the development of deposits.