Russia's Energy Minister, Sergei Shmatko, has warned that new proposals on oil tax cuts, which are soon to be unveiled, will not be as significant as the country's oil companies are expecting.
Earlier this year it was announced the Russian government had approved tax breaks to benefit high resource new fields lacking in infrastructure, and is considering extending these breaks to other areas, according to reports.
However, Mr Shmatko explained last week that:
"I think we will submit proposals on additional tax cuts for oil companies . . . definitely before the end of the year."
"But," he continued, in reference to a recent statement by LUKoil president Vagit Alekperov, who argued that oil companies needed RUB400bn rubles in tax breaks next year, "the proposals are far from that figure".
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