Russia » Economics

Less profits for Russian companies extracting oil

Export duty for oil may be raised after February 1 up to 33.8-33.9 dollars per ton, a source in the government commission on measures protecting foreign trade said in an interview to Rosbizneconsulting information agency. 
 
 According to him, such duties may be imposed after analyzing the results of oil prices monitoring for November and December of 2003. Currently the duty is only 31.2 dollars per ton. .
 
In addition, there are proposals to have the export duty for all kinds of oil products on the level of 90 percent from the duty for oil, the source said. The commission can make a decision on these issues soon.
 
The decision of the government commission on raising the export oil duty will be made not at the meeting, but after surveying all the commission members about their opinions.
 
Export duty for oil is set by Russian government decree on the basis of the decision of government commissions on protection measures in foreign trade, and on Customs and tariff policy. The Head of the Commission is Deputy Prime Minister, Minister of Finance  Alexei Kudrin.
 
Export oil duty  had 7.7 percent decrease after December 1, 2003, from 33.8 dollars per ton (the duty valid after October 1) to 31.2 dollars per ton. This happened after analyzing the results of oil prices monitoring for September-October 2003.
 
Export duty for oil products had 7.6 percent decrease after December 1, from 30.4 dollars per ton to 28.1 dollars per ton. According to the monitoring, the average price for Russia oil of Urals brand was 26.95 dollars per barrel or 196.375 dollars per ton in September- October 2003, MDF.ru reports.
 
 From information of internet mass media.