21 Jun 2018 15:47

Reverse oil excise will be available to refineries completing upgrade in 3 yrs and to sanctioned cos - Kozak

MOSCOW. June 21 (Interfax) - Reverse excise tax on oil will be available to refineries that complete upgrades within three years and to sanctioned companies, Deputy Russian Prime Minister Dmitry Kozak told a briefing following a Cabinet meeting that addressed the tax maneuver in the oil industry.

"In order to dampen the effect of the maneuver on the domestic market, provision of a reverse excise tax is envisaged for companies that are already carrying out modernization of oil refining, companies which will assume the responsibilities - those that were unable to do so in the preceding period - to modernize their production over three years, companies which are subject to external restrictive measures imposed by the United States and the European Union," Kozak said.