In 2006 Oil Company RussNeft OAO will invest RUR900 million in the production programs of the Saratov region, the oil company’s press-service says in a statement.
Such scope of the investments is envisaged by 2006 cooperation agreement signed today by RussNeft and Saratov region administration.
In the context of this agreement among the priorities of the oil company’s investment policy specifically mentioned are exploration and oil-recovery operations, renovation of field and gathering pipelines, environment-related activity.
The document sets priorities in the interaction between the parties, aimed at social and economic development of the region and successful operation of the company’s subsidiary, Saratovneftegaz OAO.
In the framework of the agreement RussNeft shall assign RUR40 million to charity projects of the local community in compliance with the main charitable and sponsor commitments of the holding company.
RussNeft is a vertically integrated oil holding company ranked among the ten majors of oil and gas industry of this country. In the structure of RussNeft there are 30 producing entities, 3 oil refineries, 2 transport companies and a modern retail network numbering 300 gas-filling complexes. The company’s enterprises are found in 17 regions of Russia and CIS.
The activity of RussNeft extends to Western Siberia, Tomsk, Novosibirsk, Ulyanovsk, Penza, Samara, Bryansk, Leningrad, Vologda, Smolensk, Saratov, Orenburg and Krasnodar regions, as well as republics of Udmurtia, Komi and Belarus. The headquarters of the company are in Moscow.
RussNeft’s total recoverable reserves exceed 630 million tons. The annual oil production has reached 17 million tons.
