MOSCOW, March 22, 2004. (RIA Novosti correspondent) - The Russian government intends to increase deductions of oil companies' profits to 65 percent with an oil price of over $25 per barrel, Russian Finance Minister Alexei Kudrin has announced.
At an oil price of $20-25 per barrel, the ministry proposes to set the export duty at 35-45%. If oil prices exceed $25 per barrel, duties will make 45-65%.
"We believe this level of deduction acceptable, and these proposals will be coordinated and submitted to the government in the near future," the minister said.
