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In May Orsknefteorgsintez OAO, a subsidiary of Oil Company RussNeft OAO, has started to produce diesel oil meeting the Euro-3 standards. The production volume of the advanced product will come to 5 thousand tons per month. The product is to be shipped to the consumers of the Moscow and central regions of Russia, RussNeft says in a statement.

In the first quarter of 2006 the net profit of Oil Company RussNeft OAO according to Russia’s accounting standards (RAS) increased in 4.4 times against the fourth quarter of 2005 and came to 3,635,813 thousand roubles, the company says in a statement. In the fourth quarter of the past year RussNeft net profit amounted to 818,541 thousand roubles.

President of Oil Company RussNeft OAO Mikhail Gutseriev became the Laureate of the First National Public Premium in the field of charity and patronage of art having received the Big Gold Medal of the Maecenas Order, First Class. According to the statement of RussNeft press service, the decision on the presentation of the Medal to the company’s President came from the members of the Premium’s Social Council including Culture and Mass Communications Minister Alexander Sokolov, Chechnya President Alu Alkhanov, Chairman of Khakasia’s Government Alexey Lebed’, prominent public and political figures, scientists and clerisy representatives. The competent jury recognized the valuable contribution made by Mikhail Gutseriev in the course of reviving the traditions of Russian charity and highly appreciated his personal collaboration in a number of large social and charitable projects of a federal level.

Rapid development of production has always been typical of Oil and Gas Company RussNeft. Owing to this fact, within only 2 years the holding company managed to become one of TOP-10 of Russia’s oil companies. In September 2005 RussNeft won the first prize at the Black Gold of Yugra Contest as the fastest growing company. The corner stones of RussNeft strategy are introduction of advanced technologies and state-of-the-art oil and gas equipment, investments in the development of own production capacities, all aimed at increasing production efficiency. Production intensification is also the basis for the development of Saratovneftegaz OAO, a regional subsidiary of RussNeft. We are going to tell a story about upgrading of one of the Saratovneftegaz key facilities thus showing how the oil men in Saratov work and move forward.

Another RUR28 million have been invested in social projects of the Tomsk region