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Putin’s Tax Break Plan Lifts Surgut: Russia Overnight

OAO Surgutneftegas and OAO Lukoil rallied in New York on speculation Russia will expand extraction tax breaks for oil companies.

Surgutneftegas, Russia’s third-largest producer, climbed 1.7 percent to $7.16 yesterday, and Lukoil gained the most since Oct. 8. OAO Novatek, the nation’s second-biggest natural-gas producer, jumped to the highest level in a month in London. The Bloomberg Russia-US Equity Index of the most-traded Russian companies in the U.S. advanced 0.6 percent to 97.39, while RTS Index futures expiring in December added 0.1 percent to 140,980 in U.S. hours.