The upper chamber of the Russian parliament has approved major tax concessions for oil producer Rusvietpetro — a joint venture between Russian state oil and gas company Zarubezhneft and Vietnam’s state-owned Petrovietnam.

The rate levied on Rusvietpetro’s production of oil and condensate extracted from 10 fields in the north of Russia will be reduced by 59% from 1 January 2024 until 31 December 2028, if approved by Russian President Vladimir Putin before the end of this year.