SEOUL — The budget will be boosted by additional revenue of up to $2.5 billion annually in export duties paid by state-run Rosneft for its oil supplies to China, the energy minister said Wednesday.
Rosneft's chief executive said Tuesday that the company plans to pump seven million tons of oil to China annually starting from 2014.
"Export duties will be levied on these seven million tons, and the budget will get additional [income of] $2.3 billion to $2.5 billion," Energy Minister Alexander Novak said.
The pipeline to China passes through Kazahkstan.
Rosneft signed tentative agreements on Monday with Kazakhstan's national energy company, KazMunayGaz, and national pipeline operator KazTransOil to ensure safe transit of its oil to China.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
