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Finance ministry sees no need to support Russia’s oil refining sector

Additionally, the ministry is not currently considering new tax incentives for the extraction of hard-to-recover oil reserves

ST. PETERSBURG, June 19. /TASS/. At present, the Russian Ministry of Finance does not consider it necessary to provide support to the domestic oil refining sector and opposes expanding the Mineral Extraction Tax on Additional Income from Hydrocarbon Production while the OPEC+ agreement remains in effect, Russian Deputy Finance Minister Alexey Sazanov told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"There is an investment rate in place for oil - it is functioning, and investment is ongoing," he said, adding that the Finance Ministry will review proposals from several oil companies regarding new agreements related to oil refining.

In addition, the ministry is not currently considering new tax incentives for the extraction of hard-to-recover oil reserves. "Everyone understands the current situation, which is why there is no active discussion on this issue," the Deputy Finance Minister emphasized.

A potential European Union ban on imports of Russian liquefied natural gas (LNG) starting in 2027 will not have a transformative impact on Russia’s LNG sector, though it may somewhat slow its development, Russian Energy Minister Sergey Tsivilev told reporters earlier on Thursday.

"These measures will not have a fundamental impact, but they will slow our progress. There is a negative effect, certainly, but it will not be decisive. We will continue to move forward and develop," he said.

About the forum

The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." Thematic zones such as the ‘Territory of Innovations’ and the national brand space ‘Buy Russian!’ will operate at the Forum.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. As part of the cultural program, the Petersburg Seasons festival will be held, and the SPIEF Sports Games will take place.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.

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