The State Duma approved in the second reading an increase in the mineral extraction tax on condensate and gas from Gazprom
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The State Duma adopted in the second reading amendments to the Tax Code, which will increase the mineral extraction tax (MET) on gas condensate and gas for Gazprom. At the same time, the coefficient will not apply to Gazprom structures that produce less than 35% of gas in the total production portfolio.
Amendments to the Tax Code provide for an increase in the mineral extraction tax on gas condensate through the use of a new Kgk coefficient. This is the Kabdt coefficient multiplied by 1.5, which characterizes surcharges for gasoline and diesel fuel and is used in the mineral extraction tax formula for oil. At the same time, the increase will not apply to Gazprom subsidiaries whose gas production is less than 35% of total hydrocarbon production. According to Kommersant’s information, we are most likely talking about Gazprom Neft.
As Deputy Head of the Ministry of Finance Alexey Sazanov explained, by increasing the mineral extraction tax on Gazprom’s gas condensate, the budget will be compensated for damper payments to oil companies. According to the head of the State Duma Committee on Energy, Pavel Zavalny, due to the adoption of amendments to increase the mineral extraction tax on Gazprom’s gas condensate, the company’s losses in 2025 can achieve approximately 1 trillion rubles.
The amendments also imply a new calculation of the price of Russian Urals oil for calculating the mineral extraction tax on oil. When calculating oil taxes, quotes from the Argus pricing agency will continue to be used, but now not on a CIF basis (includes freight and insurance) in the European ports of Rotterdam and Augusta, but on a FOB basis (cost of oil before loading) in Russian ports.
Read more in the Kommersant article. “Gazprom is always alone”.
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