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. Last Updated: 07/27/2016

Oil Transport Fee Hiked

MOSCOW -- Russia's Federal Energy Commission has raised a transport charge for crude oil exported outside the Commonwealth of Independent States for February and March to $1.75 per ton from $1 in January, an FEC spokesman said Friday.

On Dec. 30 the FEC approved a resolution introducing the transport charge payable to crude-oil pipeline monopoly Transneft to replace a fixed hard-currency crude export charge previously levied by Transneft.

The spokesman said the increase was necessary to cover the costs of a modernization program for the pipeline system.