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    Russia may impose full export duty on Vankor oil-minister

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    Russia may impose a full export duty on oil from East Siberian Vankor deposit from next year if its rate of return reaches 16%, Energy Minister Sergei Shmatko said on Friday

    Russia may impose a full export duty on oil from East Siberian Vankor deposit from next year if its rate of return reaches 16%, Energy Minister Sergei Shmatko said on Friday.

    "We have sent our proposals on Vankor to the Finance Ministry. If return rates reach 16%, duties can be fully restored," Shmatko told reporters on the sidelines of the St.Petersburg International Economic Forum.

    The government abandoned the export duty for 22 East Siberian oil fields in winter to support oil companies, which were hit by falling oil prices.

    The Vankor is the main driver of output growth for Russia's largest crude producer, state-controlled Rosneft, which threatened to stop funding it should the government, which is seeking ways to mend budget deficit, reintroduce the tax. Government sources have said that a partial export duty could be levied on East Siberian oil.

    "A 100% export duty is also possible...The key thing is to maintain rates of return at a current price range. I do not rule (a full export duty) out in such a situation," Shmatko said.

    ST.PETERSBURG, June 18 (RIA Novosti)

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