Lukoil expects changes to tax regime for fuel, energy sector no earlier than 2015
MOSCOW. May 29. (Interfax) - Lukoil expects to see changes in the tax regime for the fuel and energy sector no earlier than 2015, the company's Vice President Leonid Fedun said during a presentation in Hong Kong.
"I hope that the main manipulations with the tax system have been completed," he said in response to investors' questions. However, he added that "it is completely possible after 2015-2016, when Russia will see a decline in oil production, that a 55/70 or 55/75 system will be introduced."
This would mean that "export taxes for oil will be reduced and slightly raised in the refining sector, which is extremely profitable in Russia right now, and those companies that invest in refining receive fairly large cash flows," Fedun said.
Since the Russian government "is sensitive to oil production figures, the natural aging of our competitors' fields in West Siberia will lead to the use of tertiary production methods," which requires a new tax medium, he said.
"I know that there are such developments [in the tax system] - we are participating in them. But it makes no sense to expect such developments earlier than 2015," Fedun said.