Russian Energy Minister Sergei Shmatko said Friday that the government will continue to offer tax incentives to the country's oil sector, the news agency Interfax reported.
"The package of measures that has already been agreed with the government will reduce the fiscal burden on oil companies by between $4 billion and $5 billion a year," the agency cited Shmatko as saying.
The minister also said the government is working on creating better conditions for small and medium-sized oil companies, particularly in the refining sector, which at current is largely controlled by the country's major oil companies.