This news item maybe short in content but it will have a major impact on Sibirs profit margins (albeit in 2007) as the Salym crude oil starts to flow through the MOGC Refinery......
Economics ministry for lower tax on better quality oil
11:54 | 29/ 12/ 2005
MOSCOW, December 29 (RIA Novosti) - The Ministry of Economic Development and Trade proposed Thursday lower tax rates for oil and oil products of higher quality.
Addressing the government Thursday, Minister German Gref said adjustment coefficients were being considered for the severance tax in a bid to improve the quality of exported oil.
Similar measures are planned for domestic oil. "We intend to reduce the excise rate for higher quality oil products," Gref said.
Urals is the leading blend of Russian oil, but suffers from a high level of sulfur in comparison with Brent crude.
According to Gref, the Ministry of Industry and Energy is to establish new quality requirements for Russian engine fuel in line with the European standards.
The minister added that excise rates for better fuel would be cut from 2007.
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