Russian Tax Break for Extra-Heavy Crude

Bloomberg reported that Russian Finance Ministry is planning to cut the export duty for extra-heavy crude for the next 10 years.

As quoted in the market news:

The proposal to tax exports of the hard-to-extract crude at 10 percent of the standard levy, made by the Energy Ministry, could become law by July 1, Deputy Finance Minister Sergei Shatalov said by phone late yesterday.

Click here to read the full Bloomberg report.