Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Putin to Sign Order on East Siberia Oil Export Tax ‘in Days’

June 17 (Bloomberg) -- Russian Prime Minister Vladimir Putin will sign an order imposing a discounted export duty on oil pumped at now-exempt eastern Siberian fields “in days,” his spokesman Dmitry Peskov said.

The government approved the discounted rate of 45 percent at a meeting yesterday for east Siberian oil starting when crude prices are above $50 a barrel, a higher benchmark than for standard fields, Peskov said by telephone today. Oil producers will pay the full export duty when the internal rate of return for a project reaches 15 percent, he said.

“We plan to have this all come into effect from July 1,” Peskov said.

Russia’s budget may gain 353.2 billion rubles ($11.3 billion) through the end of 2012 by imposing the export tax on eastern Siberian fields from next month, Deputy Prime Minister Igor Sechin said yesterday.

The government is seeking to narrow a budget gap to 5.4 percent of gross domestic product this year. Oil producers, including state-run OAO Rosneft, where Sechin is chairman, say the development of new deposits depends on tax breaks.

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.