RAO UES head praises rise in duties on black oil

Anatoly Chubais, Chief Executive Officer of the energy grid RAO UES ofRussia, approved the decision to raise export duties on black oil. He madethis announcement at a break in the Cabinet meeting today. According toChubais, the market price for black oil went up from 1,400 rubles to 2,600rubles (from about $44.37 to $82.4 at the current exchange rate) per tonover the past three months. The RAO UES head estimated this upsurge inprices as a financial stab and noted that an increase in export dutieswould help stabilize the situation on the domestic market.Export duties on black oil were increased on August 1, 2002, from EUR 10 toEUR 20 per ton..

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