The Federation Council ratified the Turkish Stream
At today's meeting, the Federation Council of the Russian Federation ratified the agreement on the Turkish Stream gas pipeline.
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“The agreement provides for the creation of a regulatory framework, including special customs and tax regimes, for the design, construction and operation of two offshore and two onshore sections of the Turkish Stream gas pipeline,” said Senator Alexander Babakov, who presented the agreement.
The offshore section of the gas pipeline will be 920 km long, and the onshore section will be 200 km long. The maximum volume of gas supplies is 31,5 billion m3, the volume of investments is about 7 billion euros.
“Supplies of Russian gas through the Turkish Stream gas pipeline will ensure annual revenues to the Russian budget in export duties in the amount of $750 million on the first line alone,” Babakov specified.
The agreement provides that, for the purpose of its implementation, the company’s offshore activities carried out in the exclusive economic zones and on the continental shelves of the participating states in the Black Sea are not subject to taxation in the states of the parties.
The document also establishes that the parties do not apply taxes, customs duties and fees, as well as other similar payments in relation to transport and technical means (including ships), pipes, any other items of material and technical purpose, moved for the implementation of the project in exclusive economic zones and on the continental shelves of the states of the parties in the Black Sea.
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