June 2005

02.06.2005
RussNeft Ready to Increase Gas Production in Case of Access to GTS.
RussNeft is ready to increase its gas production volumes in case there is access to the Gasprom gas transportation system (GTS), said President of the Company Mikhail Gutseriev at the press conference in Bryansk.

RussNeft is ready to increase its gas production volumes in case there is access to the Gasprom gas transportation system (GTS), said President of the Company Mikhail Gutseriev at the press conference in Bryansk. He also said that RussNeft currently produces 2 billion cubic meters of gas in a year. Sales proceeds in this case come to 2 percent in the total amount of the Company’s profits. M.Gutseriev noted that gas extraction makes no sense for the Company, as all the transportation capacities are under Gazprom control. "If independent gas producers are allowed access to the pipeline then we'll increase our gas volumes," - he said. NK RussNeft OAO, a vertically integrated oil holding, is among the ten biggest oil and gas companies of Russia. In the structure of RussNeft there are 25 producing, refining and transportation companies, a retail network with petrol stations in 13 regions of Russia and CIS. Total recoverable reserves of RussNeft exceed 600 million tons. Its yearly extraction volume is 14 million tons.

Source: "Interfax"