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Russian energy ministry’s revenues from PSA up by over 30% in 2022 — Accounts Chamber

PSA revenues grew due to an increase in hydrocarbon prices coupled with a decline in volumes of production and sales

MOSCOW, July 7. /TASS/. Russia’s revenues in the form of the country’s profit production share in the implementation of production-sharing agreements (PSA) received through the Energy Ministry in 2022 rose by 14.5 bln rubles ($158.7 mln), or by 30.1%, according to the Accounts Chamber’s findings on results of the ministry’s audit for execution of state programs and budget. Total revenues of the ministry gained 29.2% in the reporting period to 66.5 bln rubles ($727 mln).

"Revenues totaled 66.47 bln rubles in 2022, up by 29.2% compared with 2021 (51.45 bln rubles). The increase is mainly related to growth of revenues in the form of the share of profit production of the state in the implementation of production-sharing agreements (PSA). Revenues from PSA increased by 14.4 bln rubles, or by 30.1%, in 2022 compared with 2021," the document reads.

PSA revenues grew due to an increase in hydrocarbon prices coupled with a decline in volumes of production and sales.