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Russia may exempt some of Rosneft’s Arctic oil fields from export duty

Russia may exempt oil produced on the Arctic Taimyr peninsula, key to the future output of energy giant Rosneft, from export duty, a finance ministry official said on Monday.

Rosneft is set to acquire a huge Arctic oil field in Taimyr from its ex-chief Eduard Khudainatov as part of a drive to create a new production region in the north.

Deputy Finance Minister Alexei Sazanov told a meeting of the lower house of parliament’s budget committee that Taimyr would be exempt from oil export duty – one of the Russia’ largest single oil taxation items – along with other new fields.

The world’s second biggest oil company after Saudi Aramco sees its northern Vostok Oil Arctic project as an umbrella for current and future production assets.

Rosneft, headed by Igor Sechin, a long-time ally of President Putin, forecasts Vostok Oil will have annual output of 100 million tonnes, or 2 million barrels per day, equivalent to nearly half the company’s current output.

It plans to export the crude in tankers via the Northern Sea Route, which Putin considers an important waterway for Russian commodity exports.
Source: Reuters (Reporting by Oksana Kobzeva; writing by Vladimir Soldatkin; Editing by Kirsten Donovan)

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