News

Oil Company RussNeft OAO and the Government of Khanty-Mansi Autonomous Region have concluded a cooperation agreement, reports the company’s press-service. The agreement specifies priorities in the interaction between the Parties aimed at stable development of the regional economy and successful operation of the company’s subsidiaries in the area.

Since Oil and Gas Company RussNeft came into possession of Saratovneftegaz the scope of investments has increased coming to 900 million roubles which is more than by 60% higher as compared with the year 2005.

Oil Company RussNeft OAO has become the laureate in the 2005 Break-Through Nomination at the Personages of the Century Contest. The contest was held for the sixth time by the Institute of Economic Strategies of the Russian Academy of Sciences and Economic Strategies Academic Journal, and according to the press-service of the company, the purpose of the contest was to choose the best samples of the strategic management in Russian business.

The Board of Directors of NK RussNeft OAO has taken a decision to open a representative office of the company in the Krasnodarsky krai. The Board has made a provision for opening the representative office of RussNeft in the Krasnodarsky krai by introducing respective amendments in the statute of the company and charged RussNeft President Mikhail Gutseriev with appointing the head of the representative office.

RussNeft has announced creation of a subsidiary under the name of ‘RussNeft Research and Technology Center OOO’. This strategic decision will allow RussNeft to ensure “highly efficient development of its oilfields and proper exploitation of its resources which by this time have significantly increased”, as pointed out in the company’s statement. Many objectives to be accomplished by the Center also include preparation of reservoir engineering documents for the oil producers of the Holding Company to develop their oilfields, and oilfield development efficiency enhancement basing on creating and monitoring oilfield geological and hydrodynamic simulation models. In addition, the Center shall control the quality of the research on reservoir engineering and geological study of the subsoil to be done for RussNeft by independent service companies.