Oil analysts predict decline in Russian oil companies' earnings in 2001

Aug 03, 2000 02:00 AM

Oil analysts predict a $ 120 mm decline in Russian oil companies' earnings in 2001 due to the rise in oil product and crude export duties. Deputy Prime Minister Viktor Khristenko said starting from September, the government would increase diesel fuel and gasoline export duties to 25 euros per ton from 15 and 20 respectively.
"We expect the net impact (of the export duty rise) to be around $ 120 mm in 2001, since product export duties are unlikely to be lowered even if crude prices fall," a report issued by the United Financial Group said. The report also said oil companies would lose about $ 30 mm in July-September from the recently hiked crude export duty.
New crude export duty of 27 euros per ton came into effect on Aug. 2, while the new diesel fuel and gasoline duties are expected to be valid from Sept. 15.

Source: Bridge News via Newspage
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