September 25, 2012 09:21
Effectiveness of 60/66 oil duty system to be assessed by end of Q1 2013
MOSCOW. Sept 25 (Interfax) - The effectiveness of the 60/66 system of export duties on crude oil and oil products should be assessed by the end of the first quarter of 2013, Deputy Prime Minister Arkady Dvorkovich told reporters after a meeting of the government commission on the fuel and energy sector on Monday.
He said the 60/66 regime is not working badly, but with high oil prices not all of its target parameters are effective. "When the oil price is less than $100, everything works very effectively, when it's higher than $100, the incentives to ship oil products only inside the country are reduced and not all problems are resolved," Dvorkovich said.
In addition, oil companies complain that there are no incentives for intensive oil refining, because there is prohibitive 90% duty on exports of light oil products to world markets. "This year this is not yet such a big deal, but in 2015 it will already be a problem," Dvorkovich said.
Once this issue is worked out, all decisions will be submitted to the government for consideration by the end of the first quarter, he said.
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