RussNeft Plans either to Buy or to Build Own Refinery.
NK RussNeft OAO is going to build or to buy a refinery in the time period ranging from 6 months to 2 years. It was announced by President of the Company Mikhail Gutseriev at the press conference in Bryansk.
NK RussNeft OAO is going to build or to buy a refinery in the time period from 6 months to 2 years. This was announced by President of the Company Mikhail Gutseriev at the press conference in Bryansk. "We are going to have our own refinery. To do this will take us from 6 months to two years. We may either build own refinery or buy it. Presently we are talking to the owners of some refineries in Russia, and conducting a feasibility study in the Bryansk region," - he said. He also informed that the Company bought chain petrol stations Grand having no refinery because they were optioned.
And now the Company is thinking of expanding its refining capacities. "By the end of the year we shall have Moscow's biggest network of petrol stations," - said M.Gutseriev. RussNeft President also noted that the Company concluded a processing agreement with Syzran Refinery (a part of Yukos) specifying delivery of 300 thousand tons of crude oil per month for a time period of five years. "Presently we deliver there 150 thousand tons per month, so far it's been sufficient," - said M.Gutseriev. He also noted that by the end of the year RussNeft will export all the crude oil it produces apart from the volumes delivered for processing to Syzran Refinery. "We shall export 100 percent by the end of the year, except 100-150 thousand tons to be delivered for processing to Syzran Refinery," - said M.Gutseriev. He also stated that when the Company had its own refinery, part of the crude oil extracted would be processed and export volumes would be reduced. The head of the Company also said they did not leave out the possibility of buying Syzran Refinery. "If it is offered for sale, then I will buy it," -he said. RussNeft is a vertically integrated oil holding being one of the ten biggest oil and gas companies of Russia. In the structure of RussNeft there are 25 producing, refining and transport companies, as well as chain petrol stations found in 13 regions of Russia and CIS. Total recoverable reserves of RussNeft exceed 600 million tons. Its yearly extraction volume is 14 million tons.
And now the Company is thinking of expanding its refining capacities. "By the end of the year we shall have Moscow's biggest network of petrol stations," - said M.Gutseriev. RussNeft President also noted that the Company concluded a processing agreement with Syzran Refinery (a part of Yukos) specifying delivery of 300 thousand tons of crude oil per month for a time period of five years. "Presently we deliver there 150 thousand tons per month, so far it's been sufficient," - said M.Gutseriev. He also noted that by the end of the year RussNeft will export all the crude oil it produces apart from the volumes delivered for processing to Syzran Refinery. "We shall export 100 percent by the end of the year, except 100-150 thousand tons to be delivered for processing to Syzran Refinery," - said M.Gutseriev. He also stated that when the Company had its own refinery, part of the crude oil extracted would be processed and export volumes would be reduced. The head of the Company also said they did not leave out the possibility of buying Syzran Refinery. "If it is offered for sale, then I will buy it," -he said. RussNeft is a vertically integrated oil holding being one of the ten biggest oil and gas companies of Russia. In the structure of RussNeft there are 25 producing, refining and transport companies, as well as chain petrol stations found in 13 regions of Russia and CIS. Total recoverable reserves of RussNeft exceed 600 million tons. Its yearly extraction volume is 14 million tons.
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