RussNeft to Create a JV with an Algerian Company in One and a Half Month
May 21, 2006, Algiers 13:49:26 – Oil Company RussNeft is going to create a joint venture with one of the Algerian companies during one month and a half. The joint venture will be involved in implementation of joint projects in Algeria. The news was broken at the press-conference in Algiers on the results of the meeting of the Russian-Algerian Business Council by its Russian Co-Chairman Mikhail Gutseriev, President of RussNeft. According to him, presently the Russian company was talking to the partners concerned.
As M.Gutseriev informed, the joint venture would be established on a parity basis (50/50) and before the end of the year project plans were to be made. RussNeft President also said that his company was going to take part in the tenders on Algerian oilfields to be conducted before the end of the current year. According to M.Gutseriev, the Algerian Government has announced 6 tenders on oilfields. RussNeft will carefully study all the projects to choose the most interesting ones, said the President of the company. He added RussNeft will try to get one big oilfield or two smaller ones located close to each other.
RussNeft has 30 upstream companies, 3 oil refineries, 2 transport companies and a retail network with 300 gas-filling complexes. The enterprises of the company are found in 17 regions of Russia and CIS. The total recoverable reserved of RussNeft exceed 630 million tons. The annual oil production in 2005 came to 17 million tons.