RusEnergy

07-18-2005 RBC News - The Russian government has raised export duty on crude oil and oil products from bituminous materials to $140 a ton. The decree, signed by prime minister Mikhail Fradkov, comes into effect on August 1, the government's press service reported. Export duty was set at $136.2 a ton in June, that on oil products was raised later, on June 27, to $56 per ton for dark oil products and to $104.1 for light products. Russia would increase its oil exports, Russian president Vladimir Putin told a G8 summit at Gleneagles in Scotland on July 8. He said Russia could export between 250 million and 270 million of tons a year. Russia currently produces about 470 million tons of oil a year, of which it exports 230 million tons. If production doesn't fall, the country’s oil reserves will suffice for another 35 to 40 years. Oil export revenues increased 1.9-fold from January to May 2005, at $11.166 billion, the federal customs service reported.
The percentage of fuel and energy exports in Russia's total exports continues to rise. In the first quarter of this year, it was up 45 percent. Notably, the share of oil exports climbed 42 percent, and that of chemical product exports increased 26 percent.