August 22, 2019 / 12:06 PM / a month ago

Russia confirms proposal to hike oil tax to offset Rosneft subsidies: Ifax

FILE PHOTO: The Rosneft logo on a safety helmet in Vung Tau, Vietnam, April 27, 2018. REUTERS/Maxim Shemetov

MOSCOW (Reuters) - Russia’s Finance Ministry confirmed on Thursday it had proposed raising taxes for the oil industry to offset tax breaks offered to Rosneft and Gazprom Neft for developing the Priobskoye oil field, the Interfax news agency reported.

The tax breaks on the Priobskoye field will cost the budget 60 billion roubles ($914.60 million) a year, ministry official Alexei Sazonov was quoted as saying.

“We are looking for sources of compensation and raising the mineral extraction tax on associated gas is one of them. We have no choice,” he said.

Reporting by Maria Kiselyova and Polina Ivanova; Writing by Tom Balmforth; Editing by Alison Williams

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