Russian producer Tatneft has admitted it will be hurt by proposed tax changes designed to cut export duties on crude oil and hike them on products in a bid to stimulate upstream investment. Company head Shafagat Takhautdinov says Tatneft may postpone construction of the second phase of its Nizhnekamsk refinery if the new tax system is introduced in July, as mooted (IOD May9,p2).
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