Russia's government has decided to partially reinstate export duty on crude oil produced in East Siberia starting July 1, a government source said Tuesday.

The export duty will be at a lower rate than the normal rate, the person said, but declined to be more specific.

The government canceled export duty at 22 East Siberian oil fields--including the huge Vankor field developed by state oil company OAO Rosneft (ROSN.RS)--from the beginning of 2010 to stimulate investment in the region.

Russian Deputy Finance Minister Sergey Shatalov said earlier this month the government was discussing a reduced export duty of 45% of the standard duty, and that reduced rate could only be calculated on the share of the oil price above $50 a barrel.

-By Will Bland and Jacob Gronholt-Pedersen, Dow Jones Newswires; +7 495 232 9197; jacob.pedersen@dowjones.com
Surgutneftegas PJSC (CE) (USOTC:SGTZY)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Surgutneftegas PJSC (CE) Charts.
Surgutneftegas PJSC (CE) (USOTC:SGTZY)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Surgutneftegas PJSC (CE) Charts.