Russia May Up Oil Products Export Duties

Russia may increase export duties on oil products to avoid a fuel deficit on the domestic market as global prices continue to rise, Energy Minister Sergei Shmatko told reporters on April 14, 2011.

The minister also said the state would not interfere in the heated discussions between oil producer TNK-BP's shareholders regarding BP's share swap and Arctic deal with Russia's largest oil company Rosneft.

The Russian government plans to adopt a new oil and oil products tax regime by July. The Energy Ministry proposes raising the unified export duty on oil products and lowering the duty on crude oil.