Energy Ministry against tax maneuver in oil industry till 2025

HOUSTON, Mar 7 (PRIME) -- Russia’s Energy Ministry is against finishing the tax maneuver in the oil industry until 2025 as the lack of financial stability creates problems for the downstream sector, First Deputy Energy Minister Alexei Teksler told reporters on Wednesday.

“Our idea is to prevent any maneuvers to ensure a transparent and stable fiscal regime until 2025 when we plan to launch an integrated oil, oil products and gas market within the Eurasian Economic Union (comprising Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan)”, he said.

“We are to retain the export duty and stable excise duties. It will be a measure to support the downstream market and the investment climate.”

Teksler added that help to some projects may be provided using the mechanisms which are yet to be developed.

He also said that the government, including Deputy Prime Minister Arkady Dvorkovich, has met to discuss support to Russia’s downstream industry and will keep on working on the issue.

The official also said that he has met with some U.S. shale producers at the CERAWeek conference in Houston.

“This is about discussing market outlooks and production development in the United States… It is important for general understanding of the market,” he said.

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