A hike in mineral extraction tax on crude oil as proposed by Russia's finance ministry Wednesday is "unlikely to have a material effect on oil companies," but "could deprive the oil sector of the long-awaited tax-reform catalyst," says Alfa Bank. "Our calculations show an average decrease in Ebitda of 2%-4%," says analyst Pavel Sorokin. Notes the effect on valuations would be minimal thanks to the delay in implementation of the tax hike until 2012.
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