RussNeft to Increase its 2006 Oil Output by 51.5% up to 25 Million Tons
RussNeft looks to increase its oil output in 2006 by 51.5% against the 2005 volumes bringing it to 25 million tons. The statement was made by President of RussNeft Mikhail Gutseriev at a press-conference devoted to the results of the year. At that he pointed out that the current year oil output is going to be 16.5 million tons, end of January 2006 the company will reach a level 18 million tons a year through the acquisition of new assets, and in 2006 – 25 million tons.
The head of RussNeft also mentioned that presently the company had successfully completed the first stage of its vertical integration; however it was in the nearest plans of the company to achieve the international level.
Answering the questions of RBC about the plans on acquisition of new assets M.Gutseriev said that in 2006 the company was going buy a number of new producing assets both in Russia and abroad. Specifically, the company is already negotiating the possibilities of entering the markets of Kazakhstan, Azerbaijan, Algiers, Libya and other countries. “We are looking to invest in the projects of 4 and 5 year payback,” said M.Gutseriev. After acquiring assets in a number of other countries RussNeft is going to set up business centers there to coordinate activities of the company. In the end of 2006 the company plans to achieve the status of an international company, though the upstream will be mostly conducted in the RF, added the head of RussNeft.
M.Gutseriev also noted that in 2006 the corporative structure of the company would undergo critical changes. Big centers will be set up in the Volga region, Khanty- Mansiysk and Tomsk with smaller adjacent companies transferred to their balance sheets. These centers will provide a basis for establishing big companies. The procedure will allow to lower costs and improve administration of the company, said the head of RussNeft.
Talking about the proprietors of RussNeft Gutseriev informed that nearly 70% stake at the company was controlled by himself, and some 30% stake was owned by his relatives.
Answering the questions of RBC about the plans on acquisition of new assets M.Gutseriev said that in 2006 the company was going buy a number of new producing assets both in Russia and abroad. Specifically, the company is already negotiating the possibilities of entering the markets of Kazakhstan, Azerbaijan, Algiers, Libya and other countries. “We are looking to invest in the projects of 4 and 5 year payback,” said M.Gutseriev. After acquiring assets in a number of other countries RussNeft is going to set up business centers there to coordinate activities of the company. In the end of 2006 the company plans to achieve the status of an international company, though the upstream will be mostly conducted in the RF, added the head of RussNeft.
M.Gutseriev also noted that in 2006 the corporative structure of the company would undergo critical changes. Big centers will be set up in the Volga region, Khanty- Mansiysk and Tomsk with smaller adjacent companies transferred to their balance sheets. These centers will provide a basis for establishing big companies. The procedure will allow to lower costs and improve administration of the company, said the head of RussNeft.
Talking about the proprietors of RussNeft Gutseriev informed that nearly 70% stake at the company was controlled by himself, and some 30% stake was owned by his relatives.
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All Show allRussNeft increases oil production in the first half of the year by almost 2%
up to 3.043 million tons
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