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Russian govt says Arctic tax relief package broadly agreed - Ifax

MOSCOW, Oct 24 (Reuters) - Russia's government has broadly agreed a new tax relief package to help develop the Arctic, although some minor disagreement remains, Deputy Prime Minister Yuri Trutnev said on Thursday, Russia's Interfax news agency reported.

Projects in the Arctic will be exempt from mineral extraction tax for the first 12 years and will then gradually switch to paying the normal rate over the course of five years, he said. Government support for Russian oil giant Rosneft may cost the budget up to 70 billion roubles ($1.1 billion) a year.

($1 = 64.0823 roubles) (Reporting by Vladimir Soldatkin; writing by Tom Balmforth; editing by Angus MacSwan)