Yamal LNG felt the exchange rate difference

Sergey Kondratiev, Principal Director of the Economic Department of the Institute for Energy and Finance, commented to the Kommersant newspaper about tax incentives for Yamal LNG.

2022 was a record year for the global LNG industry due to the rise in gas prices, and Russian LNG plants were no exception, Sergey Kondratiev reminds. Thus, according to preliminary estimates of Rosstat, the profit of Yamal LNG in 2022 could amount to 1.04 trillion rubles, an increase of 2.2 times over the year. This means that the current income tax could amount to 172 billion rubles, according to his estimates.

“And the exclusion of income from positive exchange rate differences from the income tax calculation base can lead to a serious reduction in the accrued tax - by 23%,” Kondratiev notes.