"For an oil quality bank to be formed today the tax organs should take into account the quality of oil in examining deals", Mr. Alekperov said at a sitting of the Competitiveness and Entrepreneurship Council under the Russian president.
Russia is actually the only country in the world which does not have an oil quality bank, he said. About 30 grades of oil are produced in Russia but they are all "put into the same tube". "At our refineries we have separated them", said the LUKOIL president.
In general, Mr. Alekperov supports what has been said on tax reform and tax administering at the sitting. LUKOIL has 1.5 percent of the world's reserves of oil and 2 percent of world production of oil, 19 percent of national oil output and 19 percent of national refining. It is the largest Russian oil business group with an annual turnover of over 20 billion dollars.
