RussNeft may add production in 2014 by 5.6% to amount to 15 million tons
Moscow. RussNeft intends to increase its oil production output by 5.6% in 2014 to reach 15 million tons per annum, according to Mikhail Gutseriev, President of the company.
“I expect that we will produce about 15 million tons by 2015”, Gutseriev said on “Russia 24” TV channel. He stressed that this will be possible if AFK Sistema does not exercise the option of purchasing the company’s producing assets.
AFK Sistema stated on Friday about execution of two agreements with Bradinor Holdings Limited (beneficiary is Mikhail Shishkhanov) and Cromeld Management Limited (beneficiary is Felix Dlin) on a sale of 25% and 24% interests of RussNeft to them correspondingly for $1.2 billion. Sistema also got an option of purchasing interests in the eight producing companies forming Ural group of RussNeft.
The main shareholders of RussNeft are currently Mikhail Gutseriev, a businessman, and AFK Sistema each owing 49% interest. Other 2% were given to Sberbank being the major creditor. AFK Sistema purchased its interest in April 2010 from Gutseriev for $100 million. In 1992, Shishkhanov, Gutseriev’s nephew, started to work in Industrial-Financial Company BIN established by his uncle. Presently, Shishkhanov controls about 97% of Binbank.
Gutseriev previously said to Prime agency that the oil production output in 2013 may amount to 14.2 million tons.