RussNeft will Allocate $1.5 bln to Oil Production from 2007 5 years on, - Mr. Gutseriev
Saint-Petersburg. September, 4. INTERFAX - Oil and Gas Company RussNeft plans to allocate $1.5 bln to producing base development and geological exploration of holding’s oil fields from 2007 during 5 years on, company’s president Mikhail Gutseriev said on the 6th joint session of Russian-Arab Business Council in Saint-Petersburg on Monday.
RussNeft’s president pointed it out that the programme of investments foresees the development of Shapshinskaya Group fields, Novovaluninskoye and Novoaganskoye sections.
M. Gutseriev said in 2007 the company plans to increase oil production to 20 mln tons. RussNeft’s current annual production is 17 mln tons.
RussNeft comprises 30 producing entities, 3 oil refineries, 2 transporting entities and a modern distribution network of 300 gasoline filling complexes in 17 Russian regions and CIS.