Russian Tax Break for ‘Oil Sands’ Backed by Finance Ministry
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Russia’s Finance Ministry is putting its weight behind an plan to cut the export duty for extra-heavy crude for the next 10 years to stimulate output in the world’s largest oil producing nation.
The proposal to tax exports of the hard-to-extract crude at 10 percent of the standard levy, made by the Energy Ministry, could become law by July 1, Deputy Finance Minister Sergei Shatalov said by phone late yesterday.