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Thursday, March 02, 2006

Crude-oil export duties to be hiked from April 1

MOSCOW, March 1 (RIA Novosti) - Russian crude-oil export duties will increase by $25.60 per ton to $186.40 ($25.40 per barrel) starting April 1, a Finance Ministry official said Wednesday. Alexander Sakovich, deputy head of the ministry's customs payments department, said current crude export duties, introduced on February 1, were $160.8 per metric ton ($21.9 per barrel). He said the new duties for light crude may be $137.9 per metric ton, and for heavy crude $74.3 per ton. Crude exports accounted for 34.6% of Russia's total exports in 2005, and 54.1% of its fuel exports, against 32.1% and 56.2% respectively in 2004. Export duties are determined once every two months in accordance with global prices for Urals crude.

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