HOUSTON (Sputnik) – The recently introduced taxes on the Russian oil market will lead to a 30 percent decrease in companies’ oil refining margin, IHS consulting's director for Russia, Maxim Nechaev, told Sputnik at an energy conference in Houston, Texas on Tuesday.
"Oil refining margin is expected to fall 30 percent by 2017 as a result of [Russia’s] planned tax manoeuvre," Nechaev said at the IHS CERAWeek conference.
Russia’s so-called tax manoeuvre came into effect on January 1, and it will gradually decrease export fees and raise extraction tax.
"The margin will decrease approximately $0.8 per barrel, compared with previous tax regime," Nechaev stated.
Russian President Vladimir Putin said in December ahead of the tax introduction that it is important the additional tax load on oil producers does not become permanent.
