* Russia sets new oil products export duty formula
* Duty to fall for light oil products, increase for heavy
* Figures in line with expectations
* Measures effective in 2011-13
(Releads, adds analyst comments)
MOSCOW, Dec 29 (Reuters) - Russia's government has approved a
new formula for oil products export duties, confirming earlier
reports that it would cut duty on light products and increase it
on heavy oil, a document on its Website showed on Wednesday.
Although the new tariffs are in line with expectations,
there had been some concern they could be set higher, with the
Finance Ministry having suggested levels of up to 85-90 percent,
which could have made refining unprofitable. []
The new formula is meant to stimulate output of higher grade
products at Russia's refineries and is in line with the
government plans to modernise the downstream sector.
But some analysts are sceptical that it will be sufficient,
saying the oil and gas sector in Russia is overburdened with
heavy taxes.
"All those recalibrations would not help the main goal which
is to increase oil output in the country. What would help is a
cut in taxes, and we are not seeing this at the moment," Oleg
Maximov from Troika Dialog brokerage said.
Russia, which pumped a record 10.25 million barrels per day
in November [], draws unfavourable comparisons from oil
companies and analysts with other major emerging market
countries, such as Brazil, for its heavy tax burden on the oil
industry.
"According to our calculations the decision for Russia's top
oil companies, Rosneft <ROSN.MM> and LUKOIL <LKOH.MM>, is
neutral," Maximov added.
The light oil products duty is set at 67 percent of the
crude oil export tax, starting from Feb. 1 2011, and then 64
percent in 2012.
The levy for heavy oil products is set at 46.7 percent of
crude export tax in 2011 and 52.9 percent in 2012, the
government said, confirming figures reported by Reuters last
month. []
Duties for the two types of oil products will then equalise
at 60 percent of the crude tariff in 2013.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
To read the government order in Russian click on
http://www.government.ru/gov/results/13660/
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
Currently, the government levies an export duty for light
oil products equal to 72 percent of crude oil export fees. Tax
on fuel oil totals 39 percent of the crude duty. This mechanism
will remain in place during January 2011.
Russia, the world's biggest oil producer, is set to raise
its crude oil export duty in January to $317.5 per tonne, which
will be a new two-year high, following an increase in oil
prices. []
Russia is also preparing to introduce a new profit-based
tax on oil from new fields starting in 2012, which will be
subject to reduced export duties and mineral extraction taxes.
The Finance Ministry had previously said that a new tax
regime, which will move away from the practice of taxing
different oil fields at varying levels, would likely be in place
by 2012-2013. []
(Reporting by Yelena Fabrichnaya, writing by Katya Golubkova
and Vladimir Soldatkin, editing by Anthony Barker)
