RussNeft Intends to Double its Oil Production in 5 Years in the Area of Kuban

The press-service of the Krasnodar region administration informed an IA REGNUM correspondent that the main lines of cooperation lay in refining crude oil and studying the possibilities of greenfield explorations. RussNeft also plans to supply the economy of the region with stock oil products on a contractual basis. Moreover, the holding company will take part in the federal principal project aimed at all-round development of the fuel and energy complex of the Krasnodar region to be completed in the time period from 2006 to 2009. Special attention will be given to environmental issues and pollutant emissions.  
The regional authorities, in their turn, will assist RussNeft and its subsidiaries in obtaining licenses for exploration and subsequent development of oil and gas fields and in upgrading the production facilities at the Krasnodar Refinery.
The Governor pointed out that owing to the activities of big companies in the area of Kuban the amount of the crude oil produced in the region would be doubled within next five years. “However, to pursue this goal substantial investments will be required not only from the government but also from subsoil users,” said Alexander Tkachov. “We are ready to create favourable conditions for productive investors, who are going to increase production of oil and gas over the area of Kuban. Hopefully, RussNeft will become one of the major investors in the region.”
Mikhail Gutseriev said in his turn: “The Krasnodarsky Krai is one of the most promising regions of the company operation both in crude oil refining and product sales. We are sure that our cooperation is going to be fruitful and mutually beneficial.”