26 Mar 2012 18:46

Russian Energy Ministry proposes 55/60 oil duties from 2014

MOSCOW. March 26 (Interfax) - The Russian Energy Ministry proposes to switch from the 60/66 system for crude oil and petroleum product duties to 55/60 in 2014, says a letter from Deputy Energy Minister Sergei Kudryashov to the government, a copy of which has been obtained by Interfax.

In other words, the coefficient used to calculate crude oil duty would fall from 60% to 55%, and duty on dark and light oil products would fall from 66% of the duty on crude to 60%.