Oil export taxes to be lowered

The government commission on antidumping measures has recommended a decrease in the oil export tax from $29.8 to $26 per ton of oil as of February 1, 2003, Russian Economy Minister German Gref told journalists after today's meeting of the commission. Effective this date, the export tax on oil products is to be $23.5 per ton. The current export tax on light oil products is $35 per ton and $20 per ton for dark oil products. As of February 1, 2003 the export tax on oil products will be unified.

Gref said that the decision on export taxes on oil and oil products was adopted on the basis of a monitoring of world oil prices. According to this monitoring, the average price for Urals oil has been $24.92 per barrel or $181.92 per ton in the period from November to December 2002.