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Russia may discount heavy crude oil export duty

March 02/2012

(bloomberg) -- Russia, the worlds largest oil producer, may lower the export duty for heavy crude to 10 percent of the standard rate as it seeks to stimulate production.

A government commission headed by Deputy Prime Minister Igor Sechin approved the Energy Ministry proposal, which would extend the discount for heavy, or viscous, oils for 10 years from July 1.

The lower duty would save companies $100 million a year at current production levels of heavy crude and could provide as much as USD1.3 billion in annual tax savings if output of that grade increases according to Energy Ministry forecasts.

Heavier crude grades yield less lucrative products such as gasoline and diesel compared with lighter blends and typically contain more sulfur.
Author:Anna Larionova
Category:General News
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