Bogdanchikov also said that at present 93 percent of the new oil deposit development projects are unprofitable due to fiscal burden and high tariffs for natural monopolies. In his words, "fiscal burden and income tariffs constitute around 70 percent of the price of oil". Thus, he said, "an oil company manages only 7 percent of the price of oil; everything else is taken away".
On revising Russia's tax system:
In a time of global financial crisis, the head of Rosneft thinks, "the oil sector needs a completely new tax system." He said that Russian Prime Minister Vladimir Putin had instructed ministries and agencies to draw up a new tax system under which profit, not earnings, will be taxed, as is the case in other countries. "If this is done quickly we will have investment resources for the development of the sector," he said.