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Russia to lower oil export duties for E Siberian new deposits

September 24, 2012, 16:20 UTC+3
Russia’s Minister of Energy Alexander Novak said the government will fix legally the calculation of export duties on oil for present deposits
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Photo ITAR-TASS

Photo ITAR-TASS

GORKI, September 24 (Itar-Tass) —— Russia’s government will lower by practically two times oil export duties for new deposits in East Siberia, Russia’s Minister of Energy Alexander Novak said following a meeting with the prime minister.

“The suggestion is that to fix legally the norm, the formula, where investors may decide to start developing new deposits. Those criteria would be effective for the deposits depending on regions and the deposits with the production over ten million tonnes, where as of January 1, 2013 less than five percent had been produced,” he said. “Benefits would be available for a certain amount of oil, and the tax for this oil would make 45 percent of the price above 50 dollars a barrel.”

“Thus, practically this would be a twofold reduction of export tax burden,” the minister added.

He explained that the special conditions would be effective for development of new deposits in East Siberia – in Krasnoyarsk Territory, Irkutsk region, in Sakha /Yakutia/ and in Yamal.

The amount of oil for beneficial taxation would be suggested additionally, he explained.

“We shall specify the amount of oil, where oil is sold to companies using the lower export duty, though with economic effectiveness of the project, at the level of 16.3 percent from the domestic profitability of the project,” the minister said, adding it would require changes to the law on customs tariffs. “Following an order from Medvedev, we shall prepare by November 15 and produce to the government of the Russian Federation the suggestions containing clear regulations for the benefits, as well as monitoring of projects’ implementation.”

Novak said the government will fix legally the calculation of export duties on oil for present deposits.

“As for the present deposits, we have made a decision to fix legally a formula to calculate export duties on produced oil,” he said adding that “now, every month the government is confirming the rates.”

“In fact, we have made a decision, it should be fixed legally,” the minister said.

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