05 August 2010 13:16 [Source: ICIS news]
MOSCOW (ICIS)--The Russian government has abandoned its plans to reintroduce an export duty on potash amid consolidation moves by potash producers in ?xml:namespace>
Between March 2008 and April 2009,
Earlier this year, the Russian Finance Ministry indicated there were tentative plans to reintroduce the duty, effective from 1 January 2011, within the range of 5-15%.
The tax was designed to help keep domestic potash prices down as well as contribute to government revenues.
The decision not to reintroduce the potash export duty was made amid consolidation moves among potash producers in
Uralkali’s controlling shareholder, Dmitry Rybolovlev, in June sold a 53.2% stake in the company to a consortium of Russian investors headed by property and oil tycoon Suleiman Kerimov, whose Kaliha Finance Ltd took a 25% share in Uralkali.
Subsequently, Kerimov pursued plans to acquire another leading Russian potash producer, Silvinit.
In June 2010,
With additional reporting by Rita Menezes in
($1 = €0.76)
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