June 15, 2012 / 10:27 AM / 7 years ago

Russia's Arctic platform gets export duty break

MOSCOW, June 15 (Reuters) - Gazprom’s Prirazlomnoye oil field will get a 50 percent duty break on its overseas shipments while exporters of high-viscosity oil will pay just 10 percent of the current rate, a finance ministry official said on Friday.

Finance Ministry official Alexander Sakovich said that under new regulations Gazprom will pay $173 per tonne of oil from Prirazlomnoye, Russia’s first Arctic offshore development and one plagued by multi-year delays.

Exporters of high-viscosity crude will pay $36.9 per tonne starting July, 1, Sakovich said.

The standard oil export duty rate will decrease by 12 percent in July to $369.3 per tonne from $419.8 a month earlier.

The government officially announces export duty at the end of each month.

The duty rate for June will be calculated based on seaborne Urals URL-E crude oil prices between May 15 and June 14 inclusive.

The average price during the monitoring stood at $102.65 per barrel, Sakovich said.

Under the 60-66 taxation regime imposed last October, export rates for refined products, excluding gasoline, will be reduced to $243.7 per tonne from $277 in June.

The protective rate imposed on gasoline and naphtha to prevent shortages on the domestic market will decline to $332.4 from $377.8 per tonne, Sakovich said.

Prime Minister Dmitry Medvedev spoke out against the duty regime at a meeting on energy taxation on Wednesday, saying it had failed in its aim of persuading refinery owners to modernise fuel production, and called for a review of the policy. (Reporting by Olesya Astakhova, writing by Alexei Anishchuk; editing by Jason Neely)

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