Russian oil major OAO Rosneft (ROSN.RS) expects to save around $800 million on a pretax basis next year due to tax breaks at its Vankor field, although it still doesn't have sufficient clarity on possible changes to the tax regime for the industry, a company executive said Tuesday.
Russian oil major OAO Rosneft (ROSN.RS) expects to save around $800
million on a pretax basis next year due to tax breaks at its Vankor field,
although it still doesn't have sufficient clarity on possible changes to the
tax regime for the industry, a company executive said Tuesday.
The Russian government last week granted state-controlled Rosneft a four month
extension of a discounted export duty for crude oil produced at its huge Vankor
field in
East Siberia
.
The discounted rate, which under a previous plan should end by the end of this
year, will save the company around $800 million before tax next year at an
average oil price of $75 a barrel, said Rosneft's First Vice President Pavel
Fedorov.
He said added that Rosneft considers the decision to extend the period for four
month as final.
Rosneft also said that it still has "little clarity" on the
government's plan to change the tax regime for the country's oil industry and
"probably won't have any clarity for the next six to eight months."
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