No point raising taxes for oil cos spending extra on restoring refineries - Sazanov

MOSCOW. Oct 29 (Interfax) - There is no point in raising taxes or introducing export duties for oil and gas companies for now, as they are currently burdened with additional expenditure for the restoration of oil refineries, Russian Deputy Finance Minister Alexei Sazanov said in the State Duma at the first reading of adjustments to the Tax Code.

"I would just like to say that the current tax burden of the oil industry is over 60%. This is more than in any other industry in the Russian Federation. Our oil companies are currently eliminating the damage done to their oil refineries within very tight deadlines, and providing Russia and our consumers with petroleum products," he said.

"In these conditions we believe that there is no use making changes to taxation for the oil and gas industry; we need to allow companies in the industry to proceed with their work calmly and carry out the state function which they are successfully carrying out now," Sazanov said.