Rosneft Chief Executive Igor Sechin, St. The high tax burden and exorbitant interest rates have an impact on the work of the Russian oil industry, he told the Energy Panel during the St. Petersburg International Economic Forum.
He believes that the country’s oil industry is self-sufficient in terms of resource base and technology. According to him, he has the capacity to solve the problems he encounters.
Sechin also talked about the determining factors in which the economic environment operates. These included voluntary production restrictions within the framework of the OPEC+ Agreement, as well as increased pressure on sanctions, including the price ceiling set by Western countries for Russian oil, a ban on the use of the Western financial system and logistics, the Rosneft chairman said. obstacles.
At the same time, he explained that the work of the industry in Russia is also affected by internal factors, to which he attributes the high tax burden.
“The sector generates more than 12 trillion rubles of budget revenue with a tax burden of an average of 75% of the fiscal result,” Sechin said.
Rosneft’s chairman also pointed out exorbitant interest rates and the limited amount of liquidity in the financial market.
“Despite the record liquidity of 103 trillion rubles within the borders of the Russian banking system, the sector is deprived of the opportunity to attract financing,” he said.
According to him, the high productivity of deposits of 18-19 percent discourages investment processes in the real economy, which are necessary for sustainable development.
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Source: Gazeta
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