Oil taxes cut to spur exploration and refining

 Oil taxes cut to spur exploration and refining
Russia's Energy Ministry is to cut taxes in the oil industry to help stimulate investment in exploration and refining.

Currently $9 in every $100 of oil is exempt from natural resources extraction tax. Next year this will grow to $15, rising to $25 in 2010.

According to the Energy Ministry, this will help oil companies save up to $16 Billion per year.  Export taxes on oil products will also be rationalised under the new plans.