Russia hikes crude export duty to record $25.53/barrel from April

Moscow (Platts)--1Mar2006

Russian crude export duty will climb to a record $186.4/mt
($25.53/barrel) from April 1, 2006, up 16.2% from a current $160.6/mt,
following a rise in Urals crude prices, a senior finance ministry official
said Wednesday.

     Russia reviews export duties every two months on the basis of an average
world price for Urals crude, the country's main export grade. The Urals crude
average world price in January and February stood at $58.13/barrel, according
to Russia's finance ministry.

     Crude export duties repeatedly hit all-time highs during 2005, rising
from $83/mt in February and March to $179.9/mt in October and November. They
fell 10.6% to $160.6/mt from Feb 1, following a drop in Urals prices.

     The oil products duty is also to rise by 8.2% to $137.9/mt from $127.5/mt
to be effective from March 7, said Aleksandr Sakovich, the finance ministry
official in charge of price monitoring and duty setting. The current duty
stands at $133.5/mt. The move will change the prices of gasoline, kerosene,
gasoil and other light products.

     The fuel oil duty will rise 14.5% to $74.3/mt from $64.9/mt. The current
fuel oil duty, effective until March 7, is $71.9/mt.

     The new oil products duty will come in force in late April, as Russia
usually revises products duties some 20 to 25 days after changes in crude oil
duties.

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