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December 31, 2010
Since the beginning of 2011, the Russian Government authorized changes for oil products export functions in order to encourage the production of value-added lighter fuels more elevated in the country.
To upgrade Russia?s production in the downstream oil industry sector, it is therefore expected that as of gasoline, light oil products export duties will be reduced while those on the heavy oil products such as bitumen, would increase.
It was announced that the obligation to export oil light will be reduced to 67% of the tax to the export of crude oil from February 1, 2011, and 64% in 2012. However, heavy petroleum tax will be paid to 46.7% in 2011 and 52.9% in 2012. Rights on both types of product are then gather at 60% of the obligation of crude oil in 2013.
Crude oil export functions were raised by 4.5% USD317.50 USD303.80 per tonne, with effect from 1 January 2011, while the rate of special discounts for fields in the North of the Caspian Sea and Eastern Siberia will be mounted USD108 per tonne USD117.50.
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