09.03.2006
"Prime-TASS"
Russia and Algeria have concluded an agreement to create the Russian-Algerian Business Council which will function under the aegis of the Commerce and Industry Chambers of the two countries. The document was signed by Kamel Abdel Rahim, the Co-Chairman of the Council to act on behalf of the People’s Democratic Republic of Algeria, and President of Oil Company RussNeft OAO Mikhail Gutseriev, the Co-Chairman of the Council to act on behalf of the Russian Federation.
The signing procedure took place during the official visit of Russia’s businessmen to Algeria. The mission of the delegation represented by Russia’s leading energy, financial, construction and transport companies is to establish business dialogue between the two countries, to obtain more information about Algeria, to discuss specific investment projects and to promote diversification of the goods turnover between the countries.
RussNeft is a vertically integrated oil holding company. In the structure of RussNeft there are 30 upstream companies, 3 oil refineries, 2 transport companies, and a modern retail network of 300 gas-filling stations. The total recoverable reserves of RussNeft exceed 630 million tons. Its annual oil output has reached 17 million tons.
