Oil companies want lower transportation costs

Nov 02, 2004 01:00 AM

If the Russian government helps oil companies decrease their transportation costs, it will be possible to raise the tax burden on the oil sector, Andrey Gaidamaka, the head of the investment analysis and investor relations department of LUKoil, declared.
According to him, transportation costs of oil companies are very high and in the budgets of companies they are the highest after taxes. The taxation of the oil sector is very efficient, he added.

Amid high world oil prices all excessive revenues are transferred to Russia's budget; "oil companies get nothing," Gaidamaka stressed. At the same time, if a company divides its oil supplies to domestic and foreign markets equally, its profit will rise until oil prices reach $ 26 per barrel.
The expert also forecasted the country's oil output to grow 4 to 7 % annually in the near future.

Source: RBC
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