Russia to raise fuel oil export tax

Wed 20 May 2009, 08:04 GMT

Russia to raise fuel oil export tax

Fuel oil export duty is set to increase by 15 percent from next month.

Russia's Finance Ministry has revealed that the country's export duty on fuel oil is set to jump by 15 percent from next month.

Starting June 1st, export tax on heavy products including fuel oil is expected to be increased from $56.6 to $65.1 per tonne.

Duties on exports of light refined products, such as gasoline and gasoil, will rise to $115.2 from the current $105.1 per tonne.

Meanwhile, export tax on crude oil is set to rise by 11 percent from current levels of $137.70 to $152.8 per tonne.

Russia's crude export tax is revised on a two-monthly basis and based on the previous two-month average price for Urals, the country's benchmark export blend.

Alexander Sakovich, deputy head of the Finance Ministry's customs payment department, said the duty would be increased because the Urals blend has risen to an average of $51.05 per barrel.

Russia


		Lloyd’s Register examines LPG as marine fuel in new research report Classification society evaluates LPG emissions benefits, safety considerations and technology readiness for shipping.

		Finnlines begins construction of first methanol-capable ro-pax vessel in EUR 500m newbuild programme Grimaldi Group subsidiary begins work on Hansa Superstar class ships at Chinese shipyard.

		Navios Partners takes delivery of LNG- and methanol-ready boxship The 7,900-teu Navios Cyan is the first of four newbuildings in the series.

		Floating hydrogen power hub validated for grid-independent ship charging at berth ELIRE Maritime-led consortium validates modular platform delivering 5MW of clean power without a shoreside grid connection.

		PIL completes first LNG bunkering at Shanghai’s Mingdong Terminal Kota Ocean took on 4,300-cbm of LNG during simultaneous cargo operations.

		Estonia orders first fully electric ferry from Polish shipyard CRIST Battery-powered vessel designed by LMG Marin will operate on the Virtsu–Kuivastu route from 2028.

		X-Press Feeders trials ethanol-methanol blend in Rotterdam Container operator tests 10-90 ethanol-methanol fuel mix aboard Eco Levant vessel.

		Venture Energy signs green methanol cooperation agreement MoU establishes framework for long-term offtake and capacity development in maritime decarbonisation.

		Iberdrola España completes shore power installation at the Port of Pasaia Spanish utility installs onshore power supply system, enabling docked vessels to use renewable electricity.

		Itochu secures approval for ammonia bunkering trials in Singapore Japanese trading house to conduct two-year trial following MPA authorisation.