Oil taxes cut to spur exploration and refining
Published: 08 September, 2008, 12:58
Russia's Energy Ministry is to cut taxes in the oil industry to help stimulate investment in exploration and refining.
Currently $9 in every $100 of oil is exempt from natural resources extraction tax. Next year this will grow to $15, rising to $25 in 2010.
According to the Energy Ministry, this will help oil companies save up to $16 Billion per year. Export taxes on oil products will also be rationalised under the new plans.
08.09.2008, 06:41
Russian steelmakers look to the future on appetite of U.S. buysRussia's largest steelmaker, Severstal, has announced a record high first-half net profit. It rose 69%, just behind Evraz Group, with an 82% jump, and another major producer, Novolipetsk Steel, boosted its profits by 44%. But these strong results didn't |
08.09.2008, 13:00
Samsung opens Kaluga plantSamsung electronics has opened a TV set production plant in Russia's Kaluga region. |
