“Gazprom” got the production tax

A large gas production tax receipt from Gazprom in November saved the budget’s oil and gas revenues from a significant reduction. Yesterday, the Ministry of Finance reported that over the past month they received 866 billion rubles. This is only 2.1% lower than in November 2021 (885 billion rubles). At the same time, Russian oil in November 2022 cost 16.6% cheaper than a year earlier – $66.47 against $79.68 per barrel.

The reason for the preservation of November revenues almost at last year’s level is a one-time (more precisely, three-time) withdrawal of money from Gazprom. We are talking about 1.244 trillion rubles, which, according to the decision taken by the authorities, the gas concern will have to give to the budget after refusing to pay dividends to shareholders for 2021. The first third of this amount in the form of additional MET (416 billion rubles) was received in October, providing the budget with a surplus for ten months (without this money there would have been a deficit of about 350 billion rubles, see Kommersant for November 14). The second, of the same size, part of the MET payment replenished the state treasury in November, the third is expected in December. In general, 463 billion rubles were received from the MET for gas last month, almost the same as in all the first nine months of the year (for comparison, the average monthly tax amount in this period was 54 billion rubles).

It should be noted that according to the results of all 11 months of the year, high prices for gas and oil, even with a reduction in supply volumes, brought 30% more oil and gas revenues to the budget than a year earlier. Their total amount for January-November 2022 is 10.655 trillion rubles, according to the results of 11 months of 2021, it was 8.177 trillion rubles.

Curiously, in November, the total amount of MET (from oil, gas and gas condensate production, RUB 1.02 trillion) was higher than the total volume of all oil and gas revenues, of which this tax is a part (RUB 866 billion). This happened due to the reimbursement of part of the excise tax to oil workers, in November the amount of this “deduction” amounted to 215 billion rubles. The tax on additional income (ATD) paid by oil companies brought the budget only 8 billion rubles. (due to the nature of the terms of its payment). The amount of export duties in November was also much lower than usual – only 53 billion rubles. From the export of oil, 42 billion rubles were received, oil products – 20 billion rubles, gas – minus 8 billion rubles. (The last figure, apparently, is explained by the adjustment of the previous overpayment by Gazprom).

Vadim Visloguzov