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Business & Finance

Russia cancels tax break for Rosneft's Vankor field

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By Syed Murtaza Gheblehzadeh
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WASHINGTON: Russia has decided to cancel a tax break for Rosneft's Vankor oil field as of May 1, Finance Minister Alexei Kudrin said late on Friday.

Vankor, a key driver behind Russia's record-high oil production, was one of 22 east Siberian fields exempt from full export duty, set at $423.7 per tonne this month.

"A decision has been made," Kudrin told journalists during a briefing on the sidelines of the International Monetary Fund and the World Bank spring meeting in Washington.

He added that the document awaits the signature of Prime Minister Vladimir Putin.

"In general, the prime minister agrees with this."

Copyright Reuters, 2011

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