Wednesday, December 10, 2008

Export duties on oil lower still at $ 75.

Duty on Russian crude oil exports from 1 January 2009 is approximately 117-119 dollars per ton. Told the representative of the Ministry of Finance Alexander Sakovich, RIA Novosti. From December 1, export duty in Russia amounts to 192.1 dollars per tonne.
Sakovich reminded that the export duty is of average prices for Russian oil for the month. From 15 November to 9 December barrel cost of oil on world markets 44,5 dollar, which means a rate even higher fee of $ 119 per ton. But in recent days barrel of Russian crude oil valued at 38 dollars. If the oil price record at this point, the fee drops to 117 dollars per tonne.
Earlier, the Russian oil industry has asked the state to reduce export duties, as well as in a sharp drop in the cost of oil on world markets to sell hydrocarbons abroad under current duties became unprofitable. However, the Government has agreed only to review the rates more than once in two months, as before, and once a month.
According to Deputy Minister of Finance and State Secretary Sergei Shatalova, in recent months, oil companies lost on too high export taxes at a lower cost of oil (a phenomenon in Russia became known as "Kudrin scissors") about seven billion dollars. In doing so, for the first eight months of 2008, when prices for hydrocarbons has increased, they received an additional 17.5 billion dollars.
The situation with the definition of export duties complicates that oil prices on world markets usually are listed in the barrel, rather than tons. One of the recalculation of tons of barrels there, as well as barrel - a measure of volume, a ton - a measure of weight. Nevertheless, it is believed that the tonne of crude oil contains about 7.3 barrels, but more precise calculations depend on the quality of oil.

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