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Putin Revokes Export Breaks for TNK-BP, Rosneft on Oil Price

Russia revoked export tax breaks on oil from eastern Siberian fields developed by TNK-BP, the Russian venture half-owned by BP Plc, and OAO Surgutneftegas after prices for the fuel climbed.

TNK-BP’s Verkhnechonsk deposit and Surgut’s Talakan project will have to pay the regular rate starting from May 1, when the duty will rise to the highest level since the 2008 financial crisis, according to an order signed by Prime Minister Vladimir Putin April 25 and posted on the government website today. OAO Rosneft will also have to pay the full rate on oil from the Vankor field.