Russian energy ministry hopes bill on ethane, LPG excise duty to be submitted to cabinet in 2019

TASS Russian News Agency | Sep 18, 2019 at 11:10 AM

TYUMEN, September 18. /TASS/. Russia's Energy Ministry expects the bill on negative excise duty on ethane and liquid petroleum gases (LPGs) to support the petrochemical sector to be submitted for the government's consideration by the end of 2019, Deputy Minister Pavel Sorokin told reporters on the sidelines of the Tyumen Oil and Gas Forum on Wednesday.

"I think (it) will be definitely submitted (by the yearend - TASS) and hopefully in the near future," he said when asked a respective question.

"Regarding (negative excise duty on - TASS) ethane, principal agreements have been achieved, the bill is in the final development stage. Regarding LPGs, the parameters are being agreed, though we expect the ethane and LPG element to be added in the near future," Sorokin noted.

Currently Russia's Energy Ministry and Finance Ministry are in the process of final approval of the bill's parameters - the amount of negative excise duty and sources of financing, he added.

Earlier reports said that ministries and agencies have long struggled to reach common ground on the mechanism of negative excise duty on LPG. Particularly, the final configuration of Sibur's Amur Gas Chemical Complex (AGCC) depends of that decision.

The tenth Tyumen Oil and Gas Forum is being held on September 17-19. It is a platform for the dialogue between the authorities, business, the scientific and professional community and media outlets. Over 3,500 people are expected to participate in the forum to discuss challenges faced by the fuel and energy complex and find ways of solving relevant issues. In 2018, 130 experts from 400 companies, over 2,000 people from 20 countries participated in the forum.

Russia's TASS news agency is the event's general information partner.