By the End of the Year RussNeft to Complete Acquisition of New Assets in Azerbaijan, Kazakhstan and Mauritania - Mikhail Gutseriev
Algiers, May 21, 2006 – RIA Novosti. Oil Company RussNeft OAO is going complete acquisition of new assets in Azerbaijan, Kazakhstan and Mauritania by the end of the year, head of the company Mikhail Gutseriev informed the reporters on Sunday. According to him, the company intended to buy new oilfields in the areas of its operation traditionally found in Eastern and Western Siberia.
Gutseriev reminded all those present that by the end of the year 2006 the company would increase its oil production to 25 million tons (currently RussNeft produces 17 million tons of crude oil a year).
The head of RussNeft emphasized that the increase of oil production up to 20 million tons would be achieved on the basis of the existing assets of the company, as this year RussNeft was going to invest $300 million in modernization and other actions to increase oil production at the operational oil fields of the company.
Presently in the structure of RussNeft there are 30 upstream companies, three oil refineries, two transport companies, and a retail network of petrol stations. The total recoverable reserves of the company are more than 630 million tons.