Russia's government has scrapped export duty for crude oil produced at 13 East Siberian fields starting Dec. 1, in a move designed to stimulate production and investment in the region, the government said on its Web site Friday.
Russia
's
government has scrapped export duty for crude oil produced at 13 East Siberian
fields starting Dec. 1, in a move designed to stimulate production and
investment in the region, the government said on its Web site Friday.
Under the decree, oil produced at a number of East Siberian fields, including
OAO Rosneft's (ROSN.RS) giant Vankor field, TNK-BP Ltd's Verkhnechonsk field
and OAO Surgutneftegaz' (SNGS.RS) Talakan field will be exempt from export duty
as of Dec. 1.
The measure was first discussed in February at a meeting between the government
and oil executives, and was approved by Russian Prime Minister Vladimir Putin
in July. But the government Friday offered no indication on how long the
exemption will last.
As output from many fields in
West Siberia
--traditionally
Russia
's
main oil production area--has peaked, Russian oil majors have grown eager to
boost production in largely undeveloped
East Siberia
. However,
uncertainty over the taxes imposed in the region has hampered the large-scale
investments required.
In August, Rosneft launched its Vankor field--the biggest in the region--with
estimated recoverable reserves of 3.8 billion barrels of oil and current
production of 180,000 barrels a day.
Russian oil majors like Rosneft have complained it is difficult to make
investment decisions in the region without clarity on how many years the
exemption will last.
This week, Rosneft sold 100,000 metric tons of East Siberian crude to Finnish
company IPP OY, which will be shipped from
Russia
's new
oil port in Kozmino on the
Pacific
Coast
in
late December. A company spokesman didn't know whether the duty exemption will
apply to that cargo.
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