Komi Republic forms new oil- and gas-extracting company

Nov 28, 2000 01:00 AM

The Komi Republic is forming a new oil- and gas-extracting company called Pechorneftegazprom, in which Severgazprom, a 100 % subsidiary of Gazprom, will have a 50 % stake. The remaining 50 % will be reserved for Vostokgazprom. The Russian Federal Securities Commission has already received papers for the registration of the first issue of 1,000 Pechorneftegazprom shares, each with a face value of 10 roubles.
According to Severgazprom, the company is expected to obtain a license for the development of the Vuktylskoye oil and gas deposit in the second half of 2001. The heretofore untapped deposit contains gas reserves estimated at about 1 bn cm and is expected to yield about 100 mm cm annually when put to use.

Source: Delovoi Piterburg via NewsBase
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