Kazakhstan Tuesday revived export duties on oil and confirmed the Karachaganak project and the Tengizchevroil project involving Chevron Corp. (CVX) and Exxon Mobil Corp. (XOM) will be required to pay.
Kazakhstan
Tuesday revived export duties on oil and confirmed the Karachaganak project and
the Tengizchevroil project involving Chevron Corp. (CVX) and Exxon Mobil Corp.
(XOM) will be required to pay.
Crude oil exports will be taxed as expected at $20 a metric ton, while refined
products will have higher duties, according to government officials who
gathered Tuesday at a meeting in the capital, Astana, Russian newswires
reported.
Kazakhstan
had
canceled oil export duties in January 2009. The renewed levies are only a
fraction of what companies face in neighboring
Russia
.
Finance Minister Bolat Khamishev said the new duties will apply to
Tengizchevroil and the Karachaganak Petroleum Operating Group, led by Eni SpA
(ENI.MI) and BG Group PLC (BG.LN), and that he hopes they will raise 60 billion
tenge ($400 million) by the end of the year and KZT117 billion next year.
KPO said it is aware of the officials' stated plans but declined to comment
until it receives official notification on the taxes in detail. The export duty
"should not apply to Karachaganak" because of tax stabilization
provisions in its agreements with the government, KPO said.
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