Contents tagged with Russian oil

  • Kremlin admits Russia cut off from modern oil extraction technologies

    The West’s sanctions against Russian mining companies have been creating “serious problems” for Russian oil and gas extraction companies, who have become dependent on foreign technologies, stated Russian Security Council Secretary Nikolai Patrushev as cited by Interfax news agency.

    “The financial and technological sanctions introduced by the US and their allies against Russian energy companies have highlighted the problem of domestic energy’s vulnerability and dependence on foreign capital and …

  • Iran claims that Russia is ready to invest $50 billion in its oil and gas sector

    After a meeting with Russian President Vladimir Putin, the adviser to the supreme leader of Iran, Ali Akbar Velayati, stated that Moscow is ready to invest $50 billion in Iran’s oil and gas sector.

    “Mr. Putin spoke during today’s meeting about his readiness to expand the oil trade between the two countries and increase investments in the oil and gas industry of our country up to $50 billion,” television company IRIB quoted Velayati as saying.

    According to Velayati, this is quite a large …

  • Europe cuts back on Russian oil purchases by 20% due to poor quality

    Europe continues to cut back on its oil purchases from Russia due to the dropping quality of the Urals variety.

    At the end of January-May, shipments to the EU through the primary ports of export fell by double-digit figures, Transneft vice president Sergey Andronov told Vedomosti.

    European clients bought 24% less from Primorsk than last year (16.1 million tons). Shipments out of Novorossiysk fell by 17% (to 7.7 million tons), and shipments from Ust-Luga by 26%.

    Only the export volumes to …

  • Russia increases export duty on oil by $6.4 per ton

    Beginning January 1, the export duty on oil in Russia has increased by $6.4 per ton, rising from $105 to $111.4.

    As Interfax reports, citing information from the Ministry of Economic Development, the preferential duty rate on crude oil from Eastern Siberia, the Caspian fields and Prirazlomnoye field will remain at zero, based on a new formula adopted within the framework of a tax maneuver for the oil sector. Beginning January 1, the duty on high-viscosity crude Increased to $17.9 from $16.8 in …

  • Russia raises export duties on oil

    The Ministry of Economic Development of Russia has decided to increase the duty on oil exports from October 1. According to the department’s documents, the first increase since September last year will amount to almost $4 per ton, bringing the tax on exported oil from $84.10 to $87.90 this September.

    The increase will affect almost all types of fuel. According to RIA Novosti, the export duty for high-viscosity oil is raised to $13.60 from $12.90 for commercial gasoline, up to $26.30 compared …