The FINANCIAL — The Russian government may include three more oilfields in the list of deposits that enjoy preferential oil export duties, Deputy Economic Development Minister Andrei Slepnyov said on February 28, according to RIA Novosti.
The current list of oil deposits, which are mostly located in East Siberia and the North Caspian Sea and enjoy a favorable export regime, amounts to 24 fields.
Slepnyov said the government could add two oil deposits in the Volga republic of Tatarstan and one on the Yamal Peninsula in the Russian Arctic to the list.
Preferential oil export duties were introduced by the government as a temporary measure until January 1, 2012, he said.
"The date from which duties will be cancelled will depend on how quickly we come to agreement," Slepnyov said.
He could not specify, however, the time period for the convergence of export duties on light and heavy oil products.
"We should think about what we will have to do with a new tax system in the oil industry," he said, adding that it was necessary to weigh all proposed solutions so as not to worsen the position of Russian companies.
The preferential duty on oil from East Siberia and the Northern Caspian Sea will increase to $150.4 per ton from the current $137.6 per ton from March 1, while the export duty on Russian crude oil will grow to $365 to $346.6 per ton from March 1.
Slepnyov also said that the government had no plans to impose export duties on metals traded on stock exchanges, including copper and nickel.
"We have no such plans. The issue is not on the agenda," he said.
Last year the government approved an increase of export duty for nickel to 10% from 5% and introduced a 10% duty for refined copper cathodes.
Discussion about this post