Putin promises tax thaw for oil companies
Prime Minister Vladimir Putin says taxes should be cut and independent producers must have more support.
Independent companies currently account for just 5 per cent of the Russian market, with the remaining share divided between nine large companies.
The government is also considering building an independent refinery, which would offer much-needed facilities for small producers.
Prime Minister Putin said: “It is necessary to build new refineries including refineries that are independent from large oil producers. We have passed a series of measures to the Federation Council which will guarantee a reduction in the tax burden for oil companies.”