Russia set to cut tax on oilfields
The Russian government is proposing to abolish the mineral extraction tax for depleted oilfields to revive oil output growth, which has flagged because of the levy, Igor Sechin, the deputy prime minister, said yesterday. "The government is considering a zero tax regime for depleted oilfields, and tax breaks for young fields," Mr Sechin told a shareholders' meeting of the state-controlled oil group Rosneft. Mr Sechin was voted in for another term as Rosneft chairman yesterday. Reuters, Moscow