September 200604.09.2006RussNeft Expects to Produce 20 mln tons of Oil AnnuallyMOSCOW, Septmber, 4. /RusEnergy/. Oil company RussNeft intends to increase oil production up to 20 mln tons annually. Regnum quoted company’s president Mikhail Gutseriev as saying this to journalists after the inauguration of the 6th joint session of Russian-Arab Business Council in Saint-Petersburg. He says a 5 year’ programme of company’s development foresees $1.5 bln investments into producing infrastructure of the company.In 2006, according to Mr. Gutseriev, the company expects to get $6 bln revenue and profit of 1 bln. ‘We work efficiently’, - said Mr. Gutseriev, singling it out that the company does not have problems in attracting investments of banks-investors.
However, Mr. Gutseriev did not eliminate the possibility of the company attracting funds via initial public offering (IPO). ‘IPO – there is such an idea’, - said Mr. Gutseriev, without specifying a possible IPO timeframe.
Source: "RussEnergy"
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