26 May 2004 13:54
Russian ministry suggests taxing companies for not exploiting oil deposits
Moscow, 26 May: The Russian government should introduce a tax on oil reserves which are not being developed by oil
companies, Natural Resources Minister Yuriy Trutnev said during a natural resources conference on Wednesday [26
May].
According to Trutnev, Russian oil companies produce much of their oil at old deposits and do not develop deposits
they obtained licences for more recently.
"If we want companies to use more of their reserved deposits it is necessary to stimulate them to pay both for
the oil they produce and oil currently in deposits," Trutnev said.
If the mechanism proposed by the ministry is approved, the outline of the new taxation will be stipulated in the new
version of the law on natural resources, which is to be submitted to the government in June, he added.
[Prime-TASS news agency] |
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