Chechnya and Rosneft to create oil company by end of summer

Jul 20, 2000 02:00 AM

An oil company will be created in Chechnya by the end of summer with the participation of Rosneft, Vice-Prime Minister Viktor Khristenko said. He told that "Chechnya will get a company acting by law which will extract oil in the Chechen Republic".
Khristenko, who is in charge of Chechnya's restoration, said the Chechen administration and Rosneft will each make an equal contribution to the new company. He stressed that the company's profit and the taxes it will pay will be used to rebuild the republic. "We have no interest in taking the profit for the needs of the federation", he added.
Khristenko believes that "this company could bring its extraction to hundreds of thousands of tons of oil within months, and if everything goes well and if military factors do not interfere, it will be able to exceed the level of 0.5 mm tpy of oil by 2001". "We must not delay (the creation of the company) because the extraction and sale of oil in Chechnya may be declared unlawful since no licence for this activity has been issued to the republic yet", he said.

Source: Itar-Tass via Newspage
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