icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

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.