Russia's government may cancel all export duties on oil produced in East Siberian fields as early as this year, the Interfax news agency reported Tuesday citing the country's Deputy Energy Minister Sergey Kudryashov.
In February, the ministry said it had decided to cancel the export duty on East Siberian oil, but didn't say when or for how long.
The move is aimed at encouraging companies like OAO Rosneft (ROSN.RS), TNK-BP Ltd. and OAO Surgutneftegaz (SNGS.RS) to increase investments into the oil-rich but largely untapped region.