Russia Reduces Oil Export Duty to $254 Per Tonne

Russia Reduces Oil Export Duty to $254 Per Tonne
Itar Tass
Δευ, 1 Μαρτίου 2010 - 09:57
Russia reduces an export duty on crude oil from 270.7 U.S. dollars per tonne to 253.6 U.S. dollars per tonne as of March 1. Export duties on light oil products decrease from 194.7 U.S. dollars to 183.2 U.S. dollars per tonne, and on dark oil products – from 104.9 U.S. dollars to 98.7 U.S. dollars per tonne.

Russia reduces an export duty on crude oil from 270.7 U.S. dollars per tonne to 253.6 U.S. dollars per tonne as of March 1.

Export duties on light oil products decrease from 194.7 U.S. dollars to 183.2 U.S. dollars per tonne, and on dark oil products – from 104.9 U.S. dollars to 98.7 U.S. dollars per tonne.

At the same time zero duties on Eastern Siberian oil remain unchanged. A zero duty on thirteen oil fields in Eastern Siberia was introduced on December 1, 2009 .

As of January 19, 2010 , the zero duty encompassed twenty-two oil fields.

Earlier Russian Energy Minister Sergei Shmatko said the ministry considers it necessary to maintain the mechanism of zero duties in Eastern Siberia during the active phase of the region’s development.

This measure was taken to create a mechanism of long-term investment stimulation in the region and sufficient economic conditions for oil exploration and development, he said.

In the future a more accurate instrument can be developed within the framework of this long-term policy. It, possibly, will estimate characteristics of a certain field, temporary support measures and the use of some coefficients, Shmatko said.

(from Itar-Tass)

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