Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2016-07-07 18:20:00

RUSSIA'S ECONOMIC DECISION

RUSSIA'S ECONOMIC DECISION

 

RUSSIA OIL GAS MAP

 

USA, SAUDI ARABIA, RUSSIA OIL GAS PRODUCTION 2008 - 2015

 

OIL PRICES JUNE - JULY 2016

 

OIL PRICES JULY 2015 - 2016

 

According to BLOOMBERG, Vladimir Putin's government is considering shifting the burden of oil taxes from the point of export to the point of extraction, a move that would eliminate the benefit of duty-free supplies enjoyed by neighboring Belarus and Kazakhstan, according to two officials familiar with the matter.

The nation's Finance Ministry is assessing a plan to reduce to zero Russia's oil-export duty from 2018, while increasing the tax on crude extraction, said two government officials, who asked not to be identified because the discussions are private. The move will bring additional budget revenue, one of the people said. While the proposal is not intended to raise the overall tax burden on oil supplies, it would increase the price paid by members of the Eurasian Economic Union, especially Belarus, another official said.

Russia's shipments of duty-free oil to its EEU partners have been the subject of numerous disputes because the state loses revenue when some of the supplies are re-exported, one of the officials said. The tax change is set to be discussed by the government in August to October, he said.

The Finance Ministry's press service didn't immediately respond to a request for comment.

The world's top energy exporter is enduring the longest economic downturn of Putin's 16-year rule. It relies on crude oil export duties and extraction taxes for about 23 percent of its budget. The government is running the widest deficit since 2010 after a slump in oil prices and is looking for options to cover the gap, including selling state assets, cutting spending and discussing a tax overhaul.

Belarus Dispute

The Kremlin decided to gradually cut the oil-export duty and increase the extraction tax in 2013 after a dispute with Belarus. Russia's government in 2012 said it missed out on $1.5 billion of revenue after its neighbor exported products refined from duty-free Russian crude without paying export levies because it misidentified the fuel as solvent. Belarus denied the accusations.

In 2017, the Finance Ministry plans to set a ratio of 30 percent in the formula that determines oil export duty, down from 42 percent now, one of the officials said. The same preliminary ratio would be used for 2018 if there's no decision to eliminate the tax, the official said.

Refinery Compensation

While oil prices in Russia, as well as Belarus, would increase if the plan is approved, the state will find a mechanism to compensate Russia's most efficient refineries, as well as gasoline traders, including through "negative" excise taxes, the officials said. It would also offset the impact on oil projects that currently benefit from discounted export duties, one of the people said.

Russia gained 329 billion rubles in oil export taxes and 762 billion rubles from crude extraction levies in the first five months of this year, according to data on the website of the nation's Treasury. Last year, the government decided to delay a planned export duty cut for 2016, citing a commodities slump.

Russia's July oil export duty is set at $13.10 a barrel, while output tax, calculated at the end of the month, could be around $14 to $15, said Denis Borisov, director at the Ernst & Young Oil and Gas Center in Moscow.

"The slated tax move won't increase Russia's exports if the government finds tools to keep refineries' margins at a sufficient level," Borisov said. "There are more questions on how the state will compensate fields that have zero export duty now, whether they could face an increased tax burden."

-----

Earlier: 

ROUBLE & OIL PRICES DOWN 

NORD STREAM 2: FOR SLOVAKIA 

RUSSIAN - TURKISH ENERGY 

RUSSIA WILL STABLE 

РОССИЙСКО-КИТАЙСКОЕ ВЗАИМОДЕЙСТВИЕ 

ROSNEFT: STABILITY & GROWTH

 

 

Tags: RUSSIA, OIL, GAS, EXPORT

Chronicle:

RUSSIA'S ECONOMIC DECISION
2018, April, 20, 09:00:00

IRAN NEED NEW MARKETS

SHANA - The CEO of the Iranian Gas Commercial Company (IGCC) said his company, as the sole exporter of gas products in Iran, is currently seeking new markets for exporting liquefied petroleum gas (LPG).

RUSSIA'S ECONOMIC DECISION
2018, April, 20, 08:55:00

UZBEKISTAN - LUKOIL GAS

LUKOIL - LUKOIL has commissioned a Gas Processing Complex at the Kandym fields cluster in Uzbekistan. The official opening ceremony was attended by the President of the Republic of Uzbekistan Shavkat Mirziyoyev, Minister of Energy of the Russian Federation Aleksander Novak, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Republic of Uzbekistan Vladimir Tyurdenyov, Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to the Republic of Uzbekistan Kwon Yong Woo and the President of PJSC "LUKOIL" Vagit Alekperov.

RUSSIA'S ECONOMIC DECISION
2018, April, 20, 08:50:00

ENI INVESTMENT €7 BLN

ENI - Eni will invest €7 billion in Italy over the next four years, including €1 billion in green activities

RUSSIA'S ECONOMIC DECISION
2018, April, 20, 08:45:00

SEADRILL'S BANKRUPTCY OFF

REUTERS - Offshore oil driller Seadrill (SDRL.OL) plans to emerge from Chapter 11 bankruptcy in late June or early July to catch the rising wave of rig market activity, its chief executive told said on Wednesday.

All Publications »