Russia to cut export duty on ultra-heavy oil to stimulate production
Green Car Congress
MARCH 2, 2012
Business Mir reports that the Russian government has decided to cut the export duty on ultra-heavy oil to a mere 10% of the standard rate for 10 years to stimulate production. According to estimates, oil companies will save $100mn with current production levels and as much as $1.3bn if output of that grade increases according to Energy Ministry forecasts. The decision will mostly benefit Tatneft, LUKoil and Alliance Oil, according to the report.