German Gref, Chairman of the Board of Sberbank, warned President Vladimir Putin of the risks to the oil refining industry and lending to its banks due to the completion of the tax maneuver in the oil industry, which assumes the complete abolition of export duties on oil and oil products, with a simultaneous increase in mineral extraction tax for six years - by 2024 . This is stated in Gref's letter to Putin at the end of last week.
Two branch consultants and an official of one of the relevant ministries told about the letter and its contents. A representative of Sberbank confirmed the fact of sending the letter. Putin's press secretary Dmitry Peskov declined to comment on official correspondence.
Gref warns that a tax maneuver in its current form may lead to the unreasonable investment in upgrading the refinery up to the bankruptcy of a number of medium-sized factories, RBC sources say. According to two interlocutors, only Sberbank issued oil refineries for the modernization of the refinery about 455 billion rubles. credits. Another 110 billion rubles. - these are open, but not yet selected credit lines for these purposes, adds one of them. And all the Russian banks have provided loans to the oil industry for the modernization of plants for a total of 800 billion rubles., RBC's interlocutors say, referring to Gref's letter.
Completion of tax maneuver can lead to the fact that oil companies will not be able to service these loans, which means that banks can not return their money, warns the head of Sberbank. This ultimately threatens to reduce profits and dividends of Sberbank for a total of 230 billion rubles. until 2024, retells Gref's argument one of the interlocutors of RBC. This is a risk of loss of up to 240 billion rubles. dividends in 2019-2024, the second interlocutor specified. By the end of 2017, Sberbank paid 271 billion rubles in dividends, 36.2% of net profit.
Gref on March 22 expressed concerns about the completion of tax maneuvering at the Public Council of the Ministry of Energy, which he heads. "Almost all the plants were reconstructed with our money. And we have a big chance to become owners of a large number of refineries, because the first maneuver (held in 2015-2017, duties on light oil products decreased, and the mineral extraction tax grew - RBC) led to the fact that their profitability fell by half . And all the business plans, under which the money was taken, flew simply to the tartar, "- he explained then. According to him, modernization of each plant cost from $ 1.5 billion, and "today so bring investors is a big problem." He noted then that the oil companies invested huge amounts, and the banks gave large loans under one taxation treatment scheme, but it was changed already once in defiance of promises.
Tax maneuver in the oil industry is planned for six years from January 1, 2019 to 2024. It provides for a gradual zeroing of export duties on oil and oil products (now they make up 30%) with a simultaneous increase in the mineral extraction tax (MET). Thus, the Russian authorities hope to compensate for the dropping incomes of the federal budget and earn up to 1.6 trillion rubles, said Deputy Prime Minister Dmitry Kozak, who is in charge of the fuel and energy complex. As compensation to oil producers producing gasoline and diesel fuel Euro-5 and supplying fuel to the domestic market, they promised a reverse excise (monetary compensation) according to a formula that takes into account world oil prices and the exchange rate, as well as an export alternative to oil supplies abroad.
Amendments to the Tax Code and the law "On Customs Tariff", which are necessary to implement the tax maneuver, were adopted by the State Duma last week, July 5, in the first reading.
The head of Sberbank suggested that Putin review the parameters of the tax maneuver, RBC sources say. According to them, Gref indicated that the bank's specialists are ready to assist in the finalization of the bill.
Gref's letter has already been sent to the Ministry of Finance and the Ministry of Energy, told RBC's two interlocutors. "The parameters for completing the tax maneuver in the oil and gas industry were actively discussed with the industry community. It was on the basis of these discussions that the conditions for completing the maneuver were determined, which are optimal for oil refining companies, "the representative of the Ministry of Finance told RBC. He recalled that the draft law contains a proviso that the refineries can conclude an agreement with the Ministry of Energy on modernization, which will allow them to receive a negative excise tax until 2024, if they will ensure the production of grade 5 gasoline in the amount of 10% of the total processing raw materials.
"Thus, these plants will be given the opportunity to complete the modernization and return the loans. <...> This is a balanced solution that meets the interests of Russian motorists and banks that have credited these refineries, "the Finance Ministry representative concluded.