Russia this summer will introduce a unified
export duty on crude and refined oil products, Energy Minister Sergei Shmatko said
Monday on state television.
The proposal would cut export duty on crude oil to a marginal rate of 60%, from
65% previously, while adjusting duties on refined products to 66% of the level
of crude oil.
Russia is seeking to boost investment in upstream oil production by lowering
crude taxes while at the same time encouraging refiners to boost production of
more expensive oil products. Some refined products will see export duties
increase, however.