Russian Export Gas To Rise In Price

Russia is likely to raise its oil product export customs duties to $57 per ton from the current $45.4, which is up some 25.6 percent. Russian Prime Minister Mikhail Fradkov has signed the resolution on the new duty.

The change will be on effect in a month after its official publication.
The new duties will apply to light and medium distillates, liquefied gases, oil refining residue and some other oil products.

Russian President Vladimir Putin promised in late August that Russia will continue to increase oil production and exports to world markets, estimating that the oil output and exports will reach 450 million tons and 255 million tons respectively this year.
As the second largest oil exporter in the world, Russia produced 421 million tons of oil with an export volume of 228 million tons in 2003.