Grozneftegaz to develop oil in Chechnya

Grozneftegaz, which was registered on November 24 in Grozny, will be granted a temporary license soon to develop oil in the Chechen Republic, Deputy Prime Minister Victor Khristenko announced to journalists today. He stressed that contracts envisaging oilfield development, protection and extinguishing of 30 burning wells. This new company will hire 1,000 new employees among local oil specialists. Baudin Khamidov was appointed the general director of Grozneftegaz, RBC reports. According to preliminary estimations, the company will produce from 850 to 1,000 tons of oil by the end of this year. Its output is expected to double by the end of 2000.