Independent oil companies ask PM to postpone MET for March–May

MOSCOW, Apr 8 (PRIME) -- The association of Russian independent oil producers Assoneft asked Prime Minister Mikhail Mishustin to postpone payment of the mineral extraction tax (MET) for March–May for the companies producing less than 500,000 tonnes per year, according to a letter of CEO Yelena Korzun seen by PRIME Wednesday.

"On behalf of participants of the Assoneft association, we ask the government of the Russian Federation to postpone payment of MET for March–May 2020 or until the global oil price averages U.S. $40 a month for the oil and gas companies that produced less than 500,000 tonnes in 2019," the letter read.

According to Korzun, the lack of support can cause delays in payments to suppliers and on loans which account for a significant part of financing of small oil companies.

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