RussNeft Plans to Invest $50 Million in 2006 to Develop Orsknefteorgsintez

According to the press-service of the company, he pointed out that the Orenburg region was the basis for the development of the company’s oil refining complex. The above means will be used to upgrade the refinery which will allow to bring its output in compliance with the international quality standards. “We are going to increase the depth of processing and operate the refinery to its full capacity, i.e. to refine from 5 to 6 million tons a year,” said President of RussNeft. M.Gutseriev also informed that the investment program of developing Orsknefteorgsintez would be handed over to the Governor concurrently with conclusion of the cooperation agreement between the administration of the region and the company which was presently being worked out.
In the course of the meeting the parties discussed the issues of social and economic development of the Orenburg region.
On December 22, 2005 RussNeft assumed responsibility and operational control over the assets bought from TNK-BP of which Orsknefteorgsintez OAO, Orenburgnefteprodukt OAO and Neftemaslozavod OAO are found in the Orenburg region.
Oil Company RussNeft OAO is an oil holding structuring 30 producing entities, 2 oil refineries, 2 transport companies, and a retail network comprising 300 gas-filling complexes. The enterprises of the company are found in 17 regions of Russia and CIS. The total recoverable reserves of RussNeft exceed 630 million tons; its annual oil output is 17 million tons.