Insight
Tax manoeuvre: turbulence ahead for Russian refining margins?
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
In this analysis, we analyse the 'tax manoeuvre' in the Russian Federation. This tax reform has the objective of making domestic refineries invest to produce higher quality products and improve light and middle distillate yields. We take a detailed look at the government's formulae to support the refineries and forecast its impact on refining margins in the Russian Federation through to 2024 when the reform is meant to conclude.
Table of contents
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Tax manoeuvre in the Russian Federation
- Overview
- What we've seen so far
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Details of the tax manoeuvre; reverse excise duty and damping coefficient
- Reverse excise duty
- Damping coefficient
- MET increase
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Conclusions; the impact of tax manoeuvre in refining profitability
- Look into the future
- Upgrading is the way to go
- Key uncertainties and the future of tax manoeuvre
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Appendix
- Negative excise duty
- Damping coefficient
Tables and charts
This report includes the following images and tables:
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Development of components of the tax manoeuvreExport duty on oil products, 2017-2024Oil product export duties as % of crude oil export duty 2011-2020
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2019 and preliminary 2020 NCM based on the impact of tax manoeuvrePreliminary NCM forecast 2019-2024, based on the impact of tax manoeuvreExcise duties for class 5 gasoline and diesel
What's included
This report contains:
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