November 13, 2010 / 9:08 AM / 9 years ago

Russia's December oil duty seen reaching 2-yr high

MOSCOW, Nov 13 (Reuters) - Russia is set to raise its oil export duty by 4.5 percent in December to a two-year high of $303.8 per tonne following an uptick in oil prices, according to Finance Ministry figures and Reuters calculations.

This will be the highest level since November 2008, when the duty stood at $372 per tonne as the government cut it amid falling oil prices on the back of the economic downturn.

The current, November 2010, duty stands at $290.6 per tonne. The December rate is based on seaborne Urals deliveries from Oct. 15 through Nov. 13.

Finance Ministry official Alexander Sakovich told Reuters on Saturday the average price for that period was $82.89 per barrel, up from $80.1 in the previous timeframe.

Reuters calculations, based on customs tariff regulations and the average oil price estimate, show the December crude oil export duty is likely to be set at $303.8 per tonne.

The rate is officially set by the government at the end of each month.

The December duty was in line with the $302-$304 range forecast on Nov. 10, three days before the end of the monitoring period. [ID:nLDE6A90KT]

Export duty on crude from new fields in East Siberia, on which companies pay a lower rate than on Russian crude from other origins, should rise by 9 percent to $108 per tonne in December from $98.8 in November.

Sakovich also said that the Caspian fields of Russia’s second-largest crude producer, LUKOIL (LKOH.MM), will also enjoy the lower rate starting from Dec. 8.

Duty on light refined fuels should be $217 per tonne, up from $208.1, and duty on fuel oil should rise to $116.9 from $112.1 per tonne in November. (Reporting by Katya Golubkova; writing by Vladimir Soldatkin; editing by James Jukwey)

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