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Russia may raise oil product export duty to 85-90% of oil in 2011

October 20/2010

(Platts) -- Russia is considering an increase in export duties for oil products to 85%-90% of the duty for crude oil possibly starting from 2011, in a move aimed at making crude and products exports equally profitable, the country"s deputy finance minister Sergei Shatalov said late Tuesday.

At the same time, he added that the figures were preliminary and the ministry was yet to calculate them more thoroughly. At present, export duty for oil products are less than that for crude oil.

Meanwhile, Shatalov did not rule out the changes could be introduced as soon as in 2011. "[It depends] on how fast we"re prepared for it and how fast we agree on the matter with Kazakhstan and Belarus," Shatalov was quoted as saying by RIA Novosti.

A trilateral customs union of Russia, Kazakhstan and Belarus that took effect in July is intended to pave the way for a single economic space with no internal duties, which is targeted to take effect in January 2012.


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