Sibneft Oil Company to Increase Investment in Production

The oil company of Sibneft intends to increase its investment into oil exploration, production and refinement. As the company's press service reported, the business plan provides for $686 million investment in 2002, while last year the company invested only $492 million. This year Sibneft plans to increase oil production 29.2%, reaching 26.7 million tons. This would make the company the fifth biggest oil producer in the country. About $137 million will be designated for the exploration of Palyanov and Priob' oil fields in the Hanty-Mansiisk Region. The company will continue the exploration of the Krapivin oil field in the Omsk Region. The Sugmut oil field with estimated 122 million tons of potential will receive about $160 million. Another $49 million, which is 11% more than in 2001, will pay for equipment modernisation at a refinery in Omsk.

Sebneft's press service also informed that the company intends to increase the share of clear oil in the product portfolio while keeping the total production at the unchanged level of 13.28 million tons. Thus the company will produce 1.25 million tons (26% more) of the A-92 fuel, while lowering the production of the A-80 oil to 1.7 million tons. The production of A-76 will be discontinued altogether.

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