Russia May Cut Oil Export Duty to Entice Foreign Investment
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Russia may reduce crude export duties next year as the government overhauls the tax system to help President Vladimir Putin lure billions in foreign investment from oil producers including Exxon Mobil Corp.
“Clearly taxes for upstream are excessive,” Deputy Energy Minister Pavel Fedorov said today in an interview. “We’ve gotten from a decree to draft laws in two months and hope to wrap it up in the coming weeks. It was basically a tour de force in lawmaking.”