6 Feb 2015 17:04

Energy Ministry hopes for tax stability following completion of tax maneuver

MOSCOW. Feb 6 (Interfax) - The Russian Energy Ministry hopes that the tax system in the oil and gas sector will be stable after the completion of the tax maneuver.

"By that time [2018], we will have completed the two-year tax maneuver reform, which redistributes subsidies from oil refining to production. It would be better not to touch the tax system for some extended period," Energy Minister Alexander Novak said in an interview with Rossiya-24 television.

In 2018, the Energy Ministry expects to establish a long-term trend toward declining prices for oil product. That will facilitate completing modernizations of 33 Russian oil refineries, better competition and tax system stability.