Russian refining tax structure fails to promote investment

The Russian petroleum tax structure encourages the country’s operators to export refined products rather than crude oil; therefore Russian crude throughput averaged 4.6 million b/d in 2007, a new post-Soviet era record, according to the International Energy Agency’s “Oil Market Report,” published on Feb. 13, 2008.The crude processing rate was an increase of 4% compared with 2006 and 15% more than the 5-year average (Fig. 1), according to IEA. Click here to enlarge imageAlthough this strategy is common among oil-producing countries, Russian tax structures may result in strategies that fail to promote long-term investment in the industry.Tax codesThe 2004 change to ...

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