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Yesterday Russian oil stocks fell silent: the trades have been stopped earlier this Wednesday and were not restarted during Thursday at all. All attention was concentrated over the REPO market. In order to stabilize the environment Central Bank injected cash into largest banks, among which were Sberbank, VTB and Gazprombank. Towards the second half of trades REPO market started receiving the issued cash, which cut the growth of rates short, closing the ongoing deals successfully. Besides of that the decision has been made to reduce oil export duties. Backed by this news Russian ADR trades over western exchanges have gone mostly in the green. VTB’s GDR have added +14%, Gazprom upped +9% and Uralkali hiked +11%. The positive dynamics has been demonstrated by stocks of LUKOIL, Norilsk Nickel and Tatneft.

Main Oil Stock events

State government to seriously correct oil export duties.
This week the government of RF will take a decision to decrease tariffs of oil export duties from 485.8 USD per ton (the current tax) to 372.2 USD per ton since October 1st, 2008, announced Alexei Kudrin, deputy prime minister and minister of finance, during the meeting with President on Thursday. Kudrin explained that the price is reckoned on the base of world’s oil prices over 1st-17th September and not on the base of last 2 months. The given decision is temporary and when the market situation will stabilized, the government would continue the same policy of export duties.

Other Oil Stock news

LUKOIL asks to reduce oil delivery tariffs.
LUKOIL addressed the government, asking to cut the tariffs for oil delivery through Transneft’s system, reported the head of LUKOIL Vagit Alekperov to journalists this Thursday, cites Interfax.

Uralkali upgrades the mines.
Uralkali signed a number of contracts with Mining Technology S.I.M. AG (Switzerland), worth total 54 mn EUR, ordering the supply of equipment for mine hoists, reports Uralkali, says Interfax news agency.

Oil Stock

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