MOSCOW, April 25. /ITAR-TASS/. Russia's government has approved special formulas to calculate the rates of export customs duty on crude oil produced at the Prirazlomny oilfield on the Arctic Ocean shelf and the Yu. Korchagin oil and gas condensate Field, located in the Caspian Sea area, says a report published on the Cabinet's website.
The special formulas will be employed with regard to oilfield data to calculate the rates of export customs duty with the indication of an overall amount of oil to be produced at the oilfield and which may be exported with the use of the formulas throughout the oilfield development period.
The document explains that privileges for those oilfields regarding customs duty are connected with a low degree of their depletion and the need to raise the inland norm of the profitability of the development project up to 16.3%
The amount of oil which may be exported with the use of the formula mal a throughout the development period is 27.7 million tonnes for the Prirazlomny oilfield and 25.1 million tonnes for the Korchagin one.