Russia's Prime Minister Vladimir Putin informed nonresident businessmen about the government’s initiatives that could be of interest to the wide circle of investors.
Photo: Dmitry Azarov
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Putin Met Foreign Business in Sochi
Russia’s PM Vladimir Putin met spokesmen of the world business community in Sochi yesterday. The businessmen arrived in Russia’s resort city to attend the economic forum. The prime minister presented the plan of decisive actions aimed at protecting Russia’s economy and investments in it.
Former German Chancellor Gerhard Schroeder was the first nonresident businessman that Putin saw yesterday. Putin talked with Schroeder and Gazprom CEO Alexei Miller in his Riviera residence in Sochi. During that get-together, Miller assured the PM that the Nord Stream pipeline would be ready in 2011, while Schroeder instilled confidence in complete environmental security of the undertaking and pledged to present in October a project with research data that prove safety of laying pipes via the sea bottom and sort out the problem of ammunition buried in the sea after the WW2. The project cost ˆ100 million, the ex-chancellor said.
Other businessmen met with Vladimir Putin late at night. The event was attended by representatives of Deutche Bank, Royal Dutch Shell, Ikea, Siemens, Total, Mitsubishi, BP. Putin informed nonresidents about the government’s initiatives that could be of interest to investors at large.
“There will be no politically-motivated solutions,” the PM said, emphasizing that, although they are targeted at lowering tax burden on economy, they “will make a pause for potential reduction of VAT.”
Putin said they will place spare cash of Finance Ministry for three months at the Monday auction. “We haven’t placed for such term before,” the prime minister pointed out. According to Putin, the government will be aimed at creating long money on the market, it will back up players of mortgage and home construction markets and widen the authorized fund of Housing Mortgage Agency by 60 billion ruble.
What’s more, Putin announced the government’s agreement to trim export oil duties, calculating them by the 17-day prices instead of two-month period that is today’s practice. Instead of paying $485.8/ton, the exporters will pay $372/ton, which will leave $5.5 billion to them. This amount will be distributed as follows: oil producers will get $4.5 billion and refineries will have $1 billion.
www.kommersant.com
All the Article in Russian as of Sep. 19, 2008
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