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. Last Updated: 07/27/2016

Crude Export Tax Slashed by 24%

The government on Wednesday slashed the export tax on crude oil for December and January, meaning companies may save a combined $2.6 billion amid an industry-wide investment drive to boost output.

The tax will fall by $7.76 per barrel, or 24 percent, to $24.65 per barrel ($180.70 per ton) from a record $32.41 now, said Alexander Sakovich, deputy head of the customs department at the Finance Ministry.

The cut may be worth more than $450 million each for state-run Rosneft and TNK-BP, based on their average daily exports in the first half.

LUKoil would save more than $400 million and Gazprom more than $150 million, according to Bloomberg calculations.

The government adjusts oil-export tax every two months based on the average international price for Urals, its benchmark blend.