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2008 May 14   14:55

Putin suggests lowering natural resources tax to boost oil production

Prime Minister Vladimir Putin believes  it  is necessary to lower the tax on the extraction of natural resources to spur geological prospecting and oil extraction in Russia, Interfax reports.

"In  the  first  place  the  tax  should  be reduced," he said at a Wednesday  conference  on  the  advancement  of  the Ust-Luga commercial seaport.

He said  the  bill  has  been  drafted  and discussed and "must be submitted to parliament as soon as possible."

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