Russian budget to get $50bn in tax revenues from Sakhalin-2 project

In the period of the implementation of the Sakhalin-2 project some $40bn to $50bn in tax revenues will be transferred to the Russian budget, John Barry, the President of Shell Exploration and Production Services (Shell's division in Russia), declared at a conference organized by Renaissance Capital today. According to him, tax payments to the Russian budget from the implementation of this project amount to $300m at present. In 2003 Shell is going to make a number of contracts with Russian operators totaling $4bn. According to Barry, Shell's income from participation in the Khanty Mansiysk oil company, has been $1.4bn.