TNK-BP, the Russian oil venture owned by BP Plc and a group of billionaires, won’t cut refining volumes as the country moves to the so-called 60-66 system of export duties, German Khan, an executive director and shareholder in the producer, told reporters today in Moscow.
Prime Minister Vladimir Putin signed an order last month that will raise export taxes on heavy products such as fuel oil and cut them on light products such as diesel starting Oct. 1.
The measure unifies refined-product export taxes at 66 percent of the crude levy, part of the 60-66 measure to spur investment in Russia’s world-leading oil production. A special tax on gasoline is set at 90 percent of the crude duty.
Putin may also lower the crude export duty using a 60 percent rate, down from 65 percent previously.