Sibneft To Increase Oil Production And Reduce Exports In 2002

The Russian oil company Sibneft is not going to reduce oil production in 2002, the company's press secretary Alexey Firsov announced in an interview with RBC, commenting on the government's decision to cut oil exports by 150,000 barrels a day. The press secretary announced that Sibneft is going to increase oil production 22 per cent to 25 million tons next year and reduce oil exports 7 per cent, which corresponds to the share of Sibneft in the total volume of oil production in Russia. Excessive oil will be sent to Russian oil refineries. Firsov explained that this policy will not lead to the reduction in the company's revenues because, under the current circumstances, operations on the domestic market are more profitable than exports.