Thursday, June 09, 2005

Gifts from afar

The Interior Ministry department in the Nenets
region in the North of Russia has revealed that
Naryanmar Oil and Gas Company failed to pay more
than 24.5 million rubles in taxes in 2004, the
Ministry’s press release says.
With 1.3 percent of global oil reserves, Lukoil
is the second largest privately-owned oil company
in the world in terms of proven reserves. Lukoil
produces 20 percent of the total Russian oil
output and is responsible for 18 percent of total
Russian oil refining.

At the moment Lukoil and U.S. firm
ConocoPhillips are transforming Naryanmar to set
up the joint Rusco company that is expected to
produce 10 million tons of oil a year by 2008.

A gift to you from the tax thieves:

Higher prices at the pump.

If Lukoil survives as a privately-owned oil
company, they'll just pass these taxes

If they don't survive privately, the Russian
government just takes all it wants.

All brought to you by the what's-mine-is-mine-
and-what's-yours-is-mine crowd.