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32

State Must Reduce Taxes: Lukoil

Russian oil major Lukoil issued Monday a statement addressed to the authorities

Russian oil major Lukoil issued Monday a statement addressed to the authorities, asking to cut taxes on oil companies and to use the vast revenues from oil exports more efficiently.

Lukoil CEO Leonid Fedun said that the government should reduce taxes if companies would have to expand oil output, which has stagnated since hitting a post-Soviet high of 9.4 million barrels per day in September 2004.

He said ?If it [state] wants Russian production to grow to 11 million barrels per day then it should ease tax pressure, for example the oil extraction tax. If it wants a period of moderate growth which will end with a moderate decline then it is free to change nothing.?