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The price of crude in rubles has surged to an all-time high, but Russian oil producers will miss out on record first-quarter profit because of a rising tax burden.The revenue of state-run Rosneft, which pumps more than 40 percent of Russia's oil, could have hit a record of 1.73 trillion rubles in the first quarter, according to Renaissance Capital.However, it expects net income to drop 19 percent from the fourth quarter to 81 billion rubles.Rosneft plans to start its first-ever share buyback program this quarter, spending $2 billion over three years.Renaissance Capital expects the company to generate 75 billion rubles in the first quarter, almost 16 percent lower than a year ago, Bloomberg calculations show.
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