Alfa Group subsidiary calls for product-sharing terms for Sakhalin-6

Alfa-Eco (a subsidiary of Alfa Group), which controls a 95-percent stake inthe Petrosakh oil company and owns a license for exploration within thefirst stage of the Sakhalin-6 project, announced it will insist onincluding the Sakhalin-6 project on the list of oil deposits developedunder the Product Sharing Agreement, Senior Vice President of Alfa-Eco YuryShirmankin announced at a press conference today. In addition, Alfa-Eco isgoing to receive a license for oil production from this deposit in theevent significant oil reserves are found there. The Vice President notedthat Alfa-Eco was not going to develop this deposit alone but create aconsortium, which would unite Russian and international oil corporations.As of now, Alfa-Eco is holding negotiations with Rosneft about thispossibility.According to the Alfa-Eco Vice President, as more investments are beingattracted to the project, the company is ready to increase the share ofother partners in the project up to transferring its controlling stake.Petrosakh produces and processes oil in the Sakhalin region of Russia. Itproduced 230,000 tons of oil last year, 60 percent of which was exportedand 20 percent was processed for the needs of the Sakhalin region..

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