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Decision on extending refinery subsidies to come down this fall — ministry

Russian Deputy Finance Minister Alexey Sazanov emphasized that the extension would be conditional on meeting specific criteria, which are still under discussion

MOSCOW, September 26. /TASS/. Government agencies are currently discussing the possibility of a two-year extension of the investment surcharge aimed at stimulating refinery modernization, with a decision expected in October or November, Russian Deputy Finance Minister Alexey Sazanov told reporters, adding that the extension is only possible under certain conditions.

"We are currently discussing it with companies, what could be changed, whether an extension is necessary and under what conditions. There is no consensus yet. I think that we will reach a concerted decision this fall, I think in October or November," he said at the Russian Energy Week.

Sazanov emphasized that the extension would be conditional on meeting specific criteria, which are still under discussion. "There will be no simple extension," he stressed.

Earlier reports said that the Russian finance ministry had submitted a provision on extending the application of the investment premium to the reverse excise duty on oil by January 1, 2033. It may also be used after 2027 if no facilities are commissioned as part of the investment agreement.

The seventh international forum Russian Energy Week (REW) is organized by the Roscongress Foundation with the support of the Russian Government, the Russian Energy Ministry and the Moscow Government. TASS is the forum’s information partner.