“Russneft” intends in 2011 to reach the level of oil production of 13.6 million tons

“Russneft” intends in 2011 to reach the level of oil production of 13.6 million tons

According to his words, next year oil production output will reach 14.7 million tons, and in 2013 “RussNeft” will bring up oil production figures to the level of 2007, the pre-crisi year.
In 2009 the total volume of oil produced by the company amounted to 12.7 million tons.
The plans of restructuring of “RussNeft”’s  debt to its main creditors – “Sberbank” and the trader “Glencore International AG ”  contemplate annual growth of “Black gold” production by 1 million tons, said Mr. Gutseriev.
Besides, he pointed out that “RussNeft” is not interested in the objects in Eastern Siberia. In the meanwhile, according to his words, at present “RussNeft” is carrying on exploration works  at the oifields in Mauritania, Azerbaijan and Kazakhstan and in the near 1-2 years will have determine its prospects in relation to them.
In the beginning of the year “RussNeft” signed the modified conditions of loan agreements with  Sberbank and Glencore; pursuant to  them the maturity date for the debt of 6.2 billion dollars has been prolonged up to 2020, ant the interest rate has been reduced from 12% to 9%. Reduction of the interest load will enable “RussNeft” to assign the released funds in amount of 200 million dollars to implementation of the current and new investment projects, which will permit the company to raise oil production.