Incomes for Russia from Oil and Gas 3 times less to 2023
Income of federal budget in Russia from oil and gas sector will decrease nearly triple in 2023 on the Finance Minister has stated on Russian Federation Alexei Kudrin, quoted by RIA Novosti. The Ministry of Finance predicts that the incomes of the budget system of oil and gas will be get lower from 8.8% of Gross Domestic Product (in 2007) to 3.1% in 2023 years. In Kudrin's words this will happen because of mass decommissioning of old deposits.
In the Ministry of Finance estimates of the fall in oil income in the budget will be determined not by the decline in prices of raw materials, but to reduce the share of oil and gas sector in the structure of Gross Domestic Product. This trend will not change, even if prices are maintained within 120 to 150 dollars for a barrel. Overall income of the federal budget will reduce from 23.6% from GDP in 2007 to 12.9% in 2023. The decrease in revenue from oil and gas sectors will also be due to the increase in the minimum estimated non-tax yield of oil - in 2009 from 9 to 15 dollars for a barrel. Furthermore, in some regions of Russia extraction of oil will be happy to "tax holiday". The absolute record in oil buisiness of Russia was in February this year. For the first half of 2008 the yield of oil and gas fell by 0.3% over the same indicator of the previous year.
Labels: Financial News
posted by Zoritza Petrova @ 11:32 PM
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