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Russia Retains Argus as Sole Supplier of Indexes for Oil Export Duties
Mar 13, 2013 (Close-Up Media via COMTEX) --
Russian prime minister Dmitry Medvedev signed a government resolution formally recognising global energy and commodity price reporting agency Argus as the sole source of price information for setting monthly export duties for Russian crude oil, petroleum products and LPG.
According to a release, the Russian government will use Argus Urals price assessments for calculating duties for crude and products, and Argus daf Brest price assessments for LPG.
The government resolution follows a shift to 100pc Argus pricing from May 2012. Russia previously used other price assessment providers in addition to Argus. Industry requests led the Russian government to switch to Argus on an exclusive basis nine months ago, and Medvedev's decision represents the official recognition of this practice.
Argus Media chairman and chief executive Adrian Binks said: "We are pleased that prime minister Medvedev has confirmed the exclusive use of Argus for calculating Russian export duties for oil and LPG. Russia is a key participant in energy markets and the choice of Argus as its supplier of price information reflects a confidence in the accuracy of our data. Russia is one of a growing list of governments that rely on Argus to provide transparent and representative price information."
Argus prices are used by key Russian ministries and government agencies, including the federal tax service, the federal anti-monopoly service and the economy ministry.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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