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Wednesday, January 09, 2008

Russia to raise oil export duties to record $333.8 per ton

MOSCOW, December 29 (RIA Novosti) - Russia will raise oil export duties by $58.4 to $333.8 per metric ton from February 1, in line with global market trends, a senior Finance Ministry official said on Saturday. The Russian government adjusts export duty on crude and petroleum products every two months, depending on changes in the Urals blend price on world markets. "We are reaching an all time record for oil duty on exports, equal to $333.8 per ton on February 1," said Alexander Sakovich, deputy head of the ministry's customs department. The official also said that from February, 1, 2007, export duties on light petroleum products will be set at $237.2 per ton, against the current $197.8 per ton. Duty on heavy petroleum products will rise to $127.8 per ton from the current $106.6 per ton. The Russian budget received over 1.2 trillion rubles ($48.9 billion) from oil export duties in 2006, while budget revenue from oil exports is estimated to reach nearly 1.3 trillion rubles ($53 billion) in 2007.

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