News

Industry deputies have given approval to oil company RussNeft to build a refinery in the area of Zhecha station. This issue was discussed at a meeting on January 12. The decision came as a result of the study of seven volumes of the project documents submitted by RussNeft and the visit to the area of Zhecha station where the already existing oil loading terminal functions.

President and co-owner of medium-scale oil company RussNeft Mikhail Gutseriev promises to transform it into an oil major with 100 million tons of annual oil production. And the time limit for this transformation has already been set, it’s “the whole life”.

NK RussNeft OAO is planning to cover 25% of the petroleum products retail market in Moscow and its province within 3 years by increasing the number of its retail outlets from 102 currently to 200. According to AK&M, the information was given by RussNeft President Mikhail Gutseriev.

Owner of RussNeft Mikhail Gutseriev who has recently bought three medium-scale refineries and thus completed vertical integration of his holding company is making grand plans for the future.

Russneft OAO anticipates $1 billion net profit in 2006. The statement was made today by Russneft President Mikhail Gutseriev at a press-conference to cover the results of the company activity in the current year. At this he pointed out that according to the results of 2005 $700 million profit was anticipated.