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Tax values for new Russian offshore fields to be calculated on Argus-based formulas

London, Moscow, 2 October 2014

The Russian government has announced that mineral extraction tax (MET) for hydrocarbons produced at new Russian offshore fields will be calculated on Argus-based formulas. The government resolution was published on 26 September and will come into effect on 3 October.

For crude and condensate produced at new offshore fields located in the Azov and Black seas and in the Russian part of the Caspian Sea, MET will be calculated using the Argus Urals price assessment for deliveries to the Mediterranean. The Argus Urals price for deliveries to northwest Europe will be used for fields in the Baltic, White, Barents, Pechora and Kara seas. The Argus ESPO Blend price will be the basis for calculating MET on output from fields in the East Siberian, Chukchi, Bering and Laptev seas, as well as the seas of Japan and Okhotsk. These price assessments are published daily in the Argus Crude report.

Natural gas exported from new offshore fields in the European part of Russia seas will be taxed on a formula based on the Argus TTF price, which is published daily in the Argus European Natural Gas report.

Argus Media chairman and chief executive Adrian Binks said: “Accurate and reliable energy price assessments are essential for tax calculations and we are pleased that the Russian government has chosen Argus to provide this service. Russia is a key producer and exporter of oil and gas, and has chosen to use Argus prices for many purposes, including export duties for crude oil, petroleum products and LPG.”

Media contacts:

London
Seana Lanigan
phone icon +44 20 7780 4272
email icon seana.lanigan@argusmedia.com

Houston
Gabriela Alcocer
phone icon + 1 713 968 0000
email icon gabriela.alcocer@argusmedia.com

Singapore
Jim Nicholson
phone icon +65 6496 9960+65 6496 9960
email icon mediasg@argusmedia.com 

 

About Argus Media

Argus is an independent media organisation with over 600 full time staff. It is headquartered in London and has offices in each of the world’s principal commodity centres. Its main activities comprise publishing market reports containing price assessments, market commentary and news, and business intelligence reports that analyse market and industry trends.

More than half of Argus employees are commodity journalists who specialise in reporting news and price information relating to physical energy and related commodity markets. They operate according to a rigorous Editorial Code of Conduct and a compliance and ethics policy that align with best journalistic practice, including the avoidance of conflicts of interest.

Argus is a leading provider of data on prices and fundamentals, news, analysis, consultancy services and conferences for the global crude, oil products, natural gas, electricity, coal, emissions, bioenergy, fertilizer, petrochemical, metals and transportation industries. Data provided by Argus are widely used for indexation of physical trade. Companies, governments and international agencies use Argus information for analysis and planning purposes.

Argus has 19 offices globally, including London, Houston, Washington, New York, Calgary, Rio de Janeiro, Singapore, Dubai, Beijing, Tokyo, Sydney, Moscow, Astana and other key centres of the commodity industries. Argus was founded in 1970 and is a privately held UK-registered company.

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