Russia, meddling with investment, plans tax changes

Russia's undulating tax regime for oil and gas companies is expected to change again Oct. 1. The government wants to boost upstream investment and encourage refiners to modernize. It plans to cut the marginal tax rate for most crude oil exports to 60% of the price of Urals crude from 65% at present. And it will tax exports of oil products at 66% of the duty for Urals. Duties now are 67% for light products and 46.7% for heavy fuels. For gasoline and naphtha, duties stay at the level set in April to address local market strains: 90% of the Urals duty. In its September Oil Market Report, the International Energy Agency says the changes will boost cash flow for producers and hurt profitabilit...

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