Russia Raises Export Duty On Crude Oil By 29%, To 179.9 USD Per Ton.

The new duty will take effect on October 1, 2005. Concorde Capital: The higher price for exported Russian oil will increase upward pressure on prices for oil products sold on the Ukrainian market, as Russian crude comprises up to 90% of the total oil volume processed by Ukrainian refineries. The jump in prices will be beneficial for Ukrnafta (UNAF: Pending), as its gas stations sell oil products made mostly from Ukrainian oil refined at Naftokhimyk Prykarpattya?s facilities. In addition, higher oil product prices may also be beneficial for Galnaftogaz (GLNG: BUY) if the company manages to preserve its mark-up (in percentage terms) on oil products it buys from the wholesale market for further retail.