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Date: a month ago   Category: Companies

Tax maneuver and oil processing: consequences are already visible


The Anti-Pinsk oil refinery stopped, and Rosneft declared an exception of the investment program of Vostochnaya Neftechemicheskaya Company of the Photo: Sergey of Medvedev/TASS The day before, on May 16, stopped the Anti-Pinsk oil refinery in Tyumen. One of the reasons — tax reform. It can interfere also with construction of the Far East plant of Rosneft. At least, declared it in corporation. The Ministry of Finance of Rosneft answered. At first Rosneft stated that it excludes Vostochnaya Neftechemicheskaya Company (FEPCO) from the investment program. The reason — fiscal policy, that is tax maneuver and increase in excises. The authorities nullify export duties on oil and oil products and at the same time raise a tax on oil production. Raw materials for processing plants rise in price, and it reduces their profitability. Respectively, at construction of the Far East plant the economic sense vanishes. Though plans were grandiose: the huge enterprise which will provide with fuel the Far East, export of products to China and other Asian countries and, of course, jobs, social infrastructure. And in general, behind petrochemistry the future. For an example: recently Saudi state corporation Saudi Aramco for the first time in the history opened the reporting. Considerable income to it was just brought by petrochemistry. The CEO of the Infotek-terminal company Rustam Tankayev reminds that in the Far East Rosneft also builds a shipyard "Star". And vessels which will build there need products of the plant. Rustam Tankayev the CEO of the Infotek-terminal company, the leading expert of the Union of Oil and Gas Producers of Russia "Big, heavy shipbuilding which is created on shipyard "Star" now. There construction of gas carriers for transportation of liquefied gas is supposed. Thermal insulation for such gas carriers is just products of petrochemistry. As a result, to construct a series of such gas carriers, the huge quantity of petrochemical products is necessary, and we will not have this product, we should buy it in foreign markets". The Ministry of Finance answered Rosneft. Officials reminded that for the oil and oil refining companies compensations are provided. The state returns them a part of the paid taxes, and FEPCO, of course, will not become an exception. The Vedomosti newspaper with reference to the federal official wrote that profitability of FEPCO can make 15-20%. However, in Rosneft, referring to experts, report that, by the last calculations, profitability on the invested capital already negative. About polemics of corporation and government the CEO of National Energy Security Fund Konstantin Simonov speaks. Konstantin Simonov the CEO of National Energy Security Fund Rosneft, of course, will try to return this project to life, and closing of this project is an element of blackmail and the bargaining. The idea is very simple: let's return to this project, we will change conditions, and it will begin to live and will be implemented because there jobs, taxes and so on. Though actually a situation in the tax industry, certainly, варв

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