New rules for reduced oil export duty might go into effect Jan 1
MOSCOW. Oct 10 (Interfax) - The new mechanism for granting discounts on the export duty for oil for new fields might go into effect at the beginning of 2014, after the Energy Ministry and Economic Development Ministry issue a joint order on the rules for its application, Energy Minister Alexander Novak said at a press conference on Wednesday.
"The resolution has been issued. The next step for this to work is the issue of a joint order of the Energy Ministry and Economic Development Ministry that will spell out the detailed mechanism for implementing the government resolution, the what, who and where of the application process. The draft of the order has been prepared, it is now at the Economic Development Ministry for approval, as we prepared it," Novak said.
"We hope that this method will already start working on January 1, 2014 and under the order we will start getting applications from oil companies for assessing the provision of preferences," Novak said.
He added that the Energy Ministry expects to receive about 50 applications seeking discounted duties.
Earlier, the Energy Ministry expected to launch the new mechanism this year and receive about 10-15 applications for discounts from oil companies.
