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Russian government endorses parameters of tax maneuver in oil sector — source

July 13, 21:00 UTC+3

Amendments are aimed in particular to support production at refineries, the source said

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MOSCOW, July 13. /TASS/. The Russian government completed preparation of amendments to draft laws aimed at completion of the tax maneuver in the oil sector, a source familiar with the text of the draft law told TASS on Friday.

In particular, the government endorsed factors catering for location of refineries relatively to sales markets. "The government’s amendments introduce logistical factors from 1.05 to 1.5 in respect of production facilities, designed to level down unequal conditions of access to sales markets and logistical differences depending on geography of refineries," the source said.

A representative of Deputy Prime Minister Dmitry Kozak in charge of the oil and gas sector confirmed that the government managed to reach a tradeoff on the tax maneuver at the meeting with representatives of oil companies. According to the representative, the government will present amendments to the State Duma on July 13.

Amendments are aimed in particular to support production at refineries, the source said. They also provide the government with an opportunity of introducing or increasing rates of export customs duties on oil and oil products in case of force majeure, when oil prices rose by more than 15% during one month.

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