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Russia’s tax maneuver to yield extra profits for oil producers in 2015 — official

October 22, 2014, 16:54 UTC+3 MOSCOW
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MOSCOW, October 22. /TASS/. Russia’s tax maneuver envisaging higher mineral extraction tax offset by lower oil export duties may yield additional profits of $5 per ton in 2015 and $20 per ton in 2017 for oil producers, Deputy Finance Minister Sergey Shatalov said on Wednesday.

This can be “a very good stimulus” for oil extraction development, he said at the national oil and gas forum.

“In our estimates, which are shared by the oil sector, oil extraction will get an additional premium of $5 per ton already next year and this sum will increase to $20 per ton in 2017,” the deputy finance minister said.

At the same time, the Finance Ministry is against extending the regime of the tax on additional oil income immediately to the entire oil sector, he said.

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