Kazakhstan resumes taxing oil exports

Jul 14, 2010 02:00 AM

Kazakhstan is charging a $ 20 tariff per ton of exported crude oil, Prime Minister Karim Masimov said. The tax, which takes effect 30 days after the announcement, is intended to raise $ 400 mm per year and to help reduce the country's budget deficit.
The duty will apply to oil produced by the TengizChevrOil and Karachaganak consortia.

Kazakhstan introduced a tariff of $ 110 per ton in 2008 but gradually eliminated it when demand for oil collapsed during the global crisis.

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