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Russnet to Ensure 2% Increase in Oil Production

Source: www.gulfoilandgas.com 3/25/2010, Location: Asia

In 2010 OAO NK “Russneft” will ensure oil production at the territory of Udmurt Republic in the volume not less than 3.75 mln. tons, that exceeds the analogous figure for the year 2009 by 2%. It is said in OAO NK “Russneft” report.

OAO NK “Russneft” and the government of Udmurt Republic concluded a mutual cooperation agreement, determining the prospects of cooperation of the oil and gas holding and Udmurtia for a three-year period. The Agreement was signed by the President of OAO NK “Russneft” Oleg Gordeev and the President of the Republic of Udmurtia Alexandr Volkov.

Business-plan of the company includes a provision that the amount of the holding’s investments in development of producing Subsidiaries functioning at the territory of the Republic will grow by 36% as compared with 2009 and will amount to 1 billion 715 million rubles. At that capital investments in exploitation drilling will amount to 444 million rubles which is 100% more than the analogous figure of the last year.

Besides, the Agreement determines implementation by OAO NK “RussNeft” of large-scale charity and social programs in the republic. In 2010 31.6 million rubles will be assigned for that purpose.

In the course of signing of the Agreement the President of OAO NK “RussNeft” Oleg Gordeev underlined that partnership between the oil company and administration of the Republic will exercise substantial influence on stable development of the region and solution of social and economic problems of Udmurtia.

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