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Oil companies overstate prices - Audit Chamber

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MOSCOW, July 4 (RIA Novosti) - Some oil companies overstated oil prices by more than 25% in 2004 and in the first quarter of 2005, an auditor said Monday at a session of the upper house of parliament.

Sergei Ivanov, the first deputy chairman of the Federation Council's commission for cooperation with the Audit Chamber, said that the government could combat the problem by reducing the share of revenues that oil companies get from production and processing.

"In some Western counties, the state gets about 80% of such revenues, while the figure for Russia is 67%," Ivanov said.

He said that the commission thinks the government should draft proposals for amendments to the budget, customs and tax codes.

"We have done some legislative work and are ready to present out results," Ivanov said, adding that there were significant gaps in the country's tax, budget, customs and banking legislation.

"Oversight bodies have failed to control price discounts on oil sold to subsidiaries registered in international tax havens," he said.

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