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Russia's oil export duty will reach a record $237.6 per metric ton as of October 1, 2006
Russia's oil export duty will reach a record $237.6 per metric ton as of October 1, 2006, representing a 9.8% growth on the previous figure, a senior Finance Ministry official said Friday. Alexander Sakovich, deputy head of the ministry's taxation and duties department, also said new duties for light crude and heavy crude were increased by 9% to $172.4 and $92.9 per ton, respectively. The duty is revised once every two months and depends on Urals crude prices on the international market. The figure August 1was set at $216.4 per ton. Urals is the leading blend of Russian oil, but suffers from a high level of sulfur in comparison with Brent crude. Sakovich said earlier this week the final figure would be set between $238 and $239 per ton, depending on the oil price on world markets, but might reach $239.7 per ton. However, provisional figures were revised as the result of a $4-fall in the oil price in late August, he said. A relative government order on the new duties must be published by September 19 to bring them into force by October 1.
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