RussNeft Increases its Assets

RussNeft has acquired new assets in the last several months having increased its annual oil production by 1.7 million tons, said a top manager of the company. According to him, the company spent $350 million, by fifty per cent consisting of the company’s own means with the rest being credited by Evrofinans and Alfa Banks. Specifically, RussNeft has bought Volganeft, Penzaneft, Udmurt National Oil Company, or UNOC, Mokhtikneft, Benodet Investments and a group of companies in the area of Tomsk, including Sobolinoye, Grushevoye, Stolbovoye, Poselkovoye and Duklinskoye LLCs. The recoverable reserves of the new assets total 50 million tons.