- "Russian Govt Clears First Step in Oil Tax Cuts," Reuters, 26 May 2008
- "Russian Government Approves Tax Cuts for Oil Firms from 2009," RIA Novosti, 26 May 2008
- "Russian Oil Companies to Get Tax Holidays," Russia Today, 26 May 2008
- Chris Weafer, "Oil Taxes: Mind the Gap -- $20 Bln Tax Cut But in Two Stages," Prime-Tass, 26 May 2008
Tuesday, May 27, 2008
Russia Cuts Taxes for Oil Companies
The beginning of the end of resource nationalism, defeated by capital's refusal to invest and the resulting production decline?
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http://www.eia.doe.gov/emeu/cabs/Russia/pdf.pdf provides a concise overview of the russian energy industry, to include anticipated reforms of the tax code. According to the report, there do appear to be incentives to invest in underproducing fields, Eastern
Siberia (which will require significant capital investment prior to profitable yields), and in the production of cleaner burning fuels. Interestingly, the Russian electricity sector is going through its final phases of privatization, to be completed this summer, with the transmission grid remaining in state hands, and electricity generation to be controlled by the private sector. I will have to look into the details elsewhere, as it was not clear how the private/public generation/transmission partnership is to work.
marc b.
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