|
The share of export
duties (and excise tax before 2004) in the gross gas exports of
Gazprom is steadily decreasing. There are three major factors
explaining this trend.
First, the decreasing share of
export duties reflects the increasing share of foreign gas in the
export portfolio of Gazprom. Gas from Central Asia and Azerbaijan is
re-exported free of duties. These re-exports generate no revenue for
the Russian state budget and no profit for Gazprom.
Second, exports
by the Blue Stream pipeline are still free of export duties. The
combined value of excise tax and export duties saved by this
exemption in the period from the commissioning of the Blue Stream
pipeline is estimated at $5.4 billion, well above the
total project cost of $3.2 billion.
Third, from April
2010, gas exports to Ukraine
are free of customs duties.
Under the full support
of the Russian government, Gazprom is aggressively reducing its
payments to the state budget.
Mikhail Korchemkin
East European Gas
Analysis
Malvern, PA, USA
September 6, 2011
|
