Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Onako Oil Exports Cut




MOSCOW -- Russia will cut oil exports by Onako by 48,000 tons in November for failure to pay taxes on time, a spokesman for the Fuel and Energy Ministry said Tuesday.


"All the other oil companies have managed to honor their tax obligations to the federal budget," he said.


The cut amounts to a third of Onako's crude export volumes that are not used as a collateral to repay previous foreign loans, the spokesman said. Onako's pipeline access was also cut by a third in August, September and October.