Insight
Russia Refines its Oil Tax Manoeuvre
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Report summary
Proposed changes to Russia’s crude oil and oil product tax rates will have profound implications for Russia’s refining industry and is changing the balance in how upstream and downstream oil is taxed. The so-called ‘ ’tax manoeuvre” is a key piece of fiscal policy that, for the main part, seeks to ensure continued investment in refineries and ensure that Russian refining remains competitive in the global market through modernisation, without harming upstream production.
Table of contents
- Executive Summary
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Introduction
- Tax Manoeuvre (Current vs. Proposed)
- Tax Manoeuvre
- Upstream
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Downstream
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The Impact on Russia’s Refining Industry
- Crude Netback Calculation
- Investment by Unit Type (2014-2017)
- 2017 Net Cash Margin Forecast
- Net Cash Margin Forecast (Investment vs. No Investment)
- Hydroskimming Refinery Margins (No Investments)
- Semi-Complex Refinery (Low Investments)
- Semi-Complex Refinery (High Investments)
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Refinery Company Level EBITDA Forecast
- Company Level Domestic Refinery Assets EBITDA Forecast
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Downstream Sensitivities
- Scenario One – High Crude Price Environment
- Scenario Two – Less Amplified Crude Export Tax Reduction
- Conclusions
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The Impact on Russia’s Refining Industry
Tables and charts
This report includes the following images and tables:
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Russia Refines its Oil Tax Manoeuvre: Image 1Russia Refines its Oil Tax Manoeuvre: Table 12013
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2017Refinery Asset Level Net Cash Margin ForecastRussia Refines its Oil Tax Manoeuvre: Image 5Russia Refines its Oil Tax Manoeuvre: Image 6Russia Refines its Oil Tax Manoeuvre: Image 72013201720132017
- 5 more item(s)...
What's included
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