Duma Gives Tatneft a Break

By The Moscow Times

Nov. 17, 2011

The State Duma on Thursday voted in favor of tax breaks worth $1.2 billion over a six-year period for Tatneft. 

Legislators voted in favor of the tax breaks after a new tax regime started from Oct. 1, cutting crude oil export duty and raising the fee for heavy oil products. 

The motion was carried out despite the government's decision to postpone tax breaks for Tatneft, which faced losses of more than $1 billion from the new tax policy. Tatneft invested more than 180 billion rubles ($5.86 billion) in refinery construction, and half of its output, or 7 million tons, will be heavy oil products.

(Reuters)

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