Discussion about MET cost oil companies over $6 billion of capitalization

The discussion about a possible increase in taxes for the oil sector has caused a drop in the companies’ shares price. Securities of Rosneft and Lukoil fell in price the most. Since Monday, the shares of the companies on the Moscow Stock Exchange fell in price by 8.7% to 234.7 rubles and 10.2% to 2166.2 rubles, respectively. Capitalization of Rosneft is now 2.5 trillion rubles, Lukoil’s one - 1.8 trillion rubles. Over the past four days, the price of the two companies fell by $6 billion.
Shares of Gazpromneft fell in price by 3.3% to 144.6 rubles per share, preferred shares of Surgutneftegaz – by 4.8% to 39.8 rubles.

The Ministry of Finance proposed to adjust the severance tax formula, and then the revenue from MET would grow by 609 billion rubles in 2016, and in 2017 and 2018 – by 525 billion and by 476 billion respectively. We discuss another way to increase the budget revenues - at the expense of export duties. Over the next 3 years, the increase in the MET could reduce the production by 100 million tons and investments by 2 trillion rubles, the Interfax reports, referring to the assessment of the oil companies. In 2014, the oil production in Russia was 527 million tons.