The energy company Gazprom resumed the spot gas trading at the St. Petersburg International Mercantile Exchange . The gas will be delivered in April. This decision caused a decline in oil prices but failed to increase the turnover of the trading session. According to the data from the exchange, the price fell by 13 rubles per 1,000 cubic meters.
Gazprom noted that “the existing Rules for gas trading at SPIMEX suggest that every trader should conclude a service contract for gas transportation with an authorized company Gazprom Mezhregiongaz Postavka.” As a result, Gazprom has to purchase gas transportation services which actually the company provides itself, creating the tax risks related to the costs on gas transportation and compensating the input VAT.
Early this year, Gazprom suspended its participation in gas trading and, as a result, Federal Antimonopoly Service issued a warning to the company. Now, Gazprom has introduced some changes into the system of interaction among the group’s organizations, mitigating the company’s tax risks.
