OREANDA-NEWS. June 18, 2010. Deputy PM Igor Sechin confirmed that the export duty formula for Eastern Siberia would be 0.45x(U-50) (where U is the average Urals price). He said it could be introduced from 1 July, although a final decision on the matter has yet to be taken. What also remains unclear is at precisely what point the Vankor field of Rosneft will be subject to the regular export duty, reported the press-centre of OTKRITIE Financial Corporation

View: We believe the development is neutral for Rosneft, particularly since Sechin was merely repeating what deputy finance minister Shatalov had said a few weeks ago.  

Valuation and Action: Rosneft currently trades on a 2010E EV/EBITDA of 4.2x, and at 6.3x on P/E. We reiterate our positive view on the stock and our BUY rating.