April 2006

18.04.2006
By the End of the Year RussNeft to Bring Oil Output to 20 Million Tons
RussNeft is going to increase its oil output to 20 million tons by the end of the year, reports AK&M. The news was told to the correspondents by President and main owner of the company Mikhail Gutseriev.

According to him, this oil production plan is achievable basing on the existing assets of the company. Moreover, RussNeft is negotiating acquisition of a number of new assets. The deals can be completed in the current year, informed M. Gutseriev.
He also said that RussNeft was not going to participate in the auction for the sale of Udmurtneft because the price of this asset is too high. In case the company buys the asset for this price, the payback time will come to 15 years.   


Source: "Oil & Gas Vertical"