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Oil Exporters Call for Monthly Duties
The Union of Oil Exporters (SONEK) has requested the government to shorten from two months to a month the term for calculating duties on oil export, Interfax reported.
“The Union of Oil Exporters has applied with request to consider and urgently decide on the possible reduction in duties on oil and petroleum export as well as on current procedures of their establishment,” says the letter addressed to Prime Minister Vladimir Putin.
Crude oil prices have lowered over two fold since early September, the Union of Oil Exporters reminds, emphasizing that the reduction has impaired financial standing of Russia’s oil and gas exporters as the current procedures for duties’ establishment don’t take into account crisis situations.”
The letter says that discussing this problem at Vice Premier Igor Sechin on October 27 resulted in no decisions that would have enabled to revise duties in November based on October monitoring. So, the country’s oil exporters request the prime minister “to make additional orders to consider proposals and decide on them.”
The maximum duties on oil export will be $304 to $309 per a ton starting from December 1. But the government may fix the duty even below that amount. The duty that took effect October 1 was calculated based on the prices of September 1 through 17, although the cabinet usually establishes duties based on two-month monitoring.
The chance is that the duty on oil export from December 1 will be established by analogy with the duty that took effect October 1, president’s aide Arkady Dvorkovich announced earlier.
Russia’s Union of Oil Exporters unites 22 companies, including such giants as LUKOIL and Surgutneftegaz.
www.kommersant.com
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