Russian firms have criticised the government’s decision to reorganise oil taxes by raising mineral extraction tax (MET) while reducing export duties. They warn that the rejig will increase the overall tax burden on the industry Gazpromneft is targeting 4pc oil and gas output growth in 2013, expecting to produce 62.5mn t of oil equivalent (1.25mn b/d of oil equivalent), but the changes could force it to rethink its investment plans beyond this year. Some 1.5mn-2mn t/yr of its crude output is likely to become unprofitable to produce under the new tax regime, chief executive Alexander Dyukov says.
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