Russia to Increase Export Duties on Oil

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Feb 24, 2000 - 02:19 PM

Russia to Increase Export Duties on Oil

The Associated Press

MOSCOW (AP) - The Russian government approved increasing the export duty on crude oil by 33 percent to $20 per metric ton from $15, Deputy Prime Minister Viktor Khristenko said Thursday. The higher export duty won't go into effect before April 15, Khristenko said, according to Russian news agencies.

The government is also increasing the export duty on gasoil - a type of crude used for diesel engines and sometimes for heating - to $15 per metric ton from $10. The export duties on fuel oil and gasoline will remain unchanged at $12 and $20 a ton, respectively.

According to Khristenko, government agencies will work out a procedure for raising or decreasing oil and oil products' duties in line with price movements on world markets.

Russian oil and natural gas producers account for about one-third of the country's tax revenues.

http://ap.tbo.com/ap/breaking/MGI6Z9VQ25C.html

-- Carl Jenkins (Somewherepress@aol.com), February 24, 2000


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