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Russian oils: Ministry of Finance might reconsider gasoline excise tax rates in 2013

According to Interfax, Minister of Finance Anton Siluanov said that MinFin might reconsider excise tax rates for Euro-4 and Euro-5 gasoline starting from 2013. The rates might be increased to prevent the road funds from decline in financing, said Siluanov.

The lower excises on Class 4 and Class 5 gasoline for the next three years were the only stimulus for oil companies to invest in quality projects. It was one of the cases when the government created an economic incentive to invest in refining depth and quality, and proved to one of the most efficient, from our point of view. Were it to be cancelled, we believe the investment climate and overall confidence in the predictability of the Russian tax system would be substantially undermined (given that the majority of the investments are already in place). We see this development as negative for the Russian oil sector's long term fundamentals, but do not expect any short-term movement in stock prices. 

Dmitry Loukashov, Alexander Kirevnin, Ekaterina Rodina, Elena Kopylova, Mikhail Zarkhi
VTB Capital analyst

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