YUKOS-Sibneft has no plans to raise oil extraction in 2004

Increasing oil extraction is not a priority for YUKOSSibneft in 2004. As a Rosbalt correspondent reports, this was announced on November 23 by Yuri Beilin, president of YUKOS EP, at an assembly of the oil conglomerate's management.

He said that the new company could raise oil extraction by 18-20% but there is no need to do so as 'the Russian government has still not reached a decision about constructing two pipelines to China and Murmansk.' Mr Beilin said that by February 1, 2004, a plan should be drawn up to improve the management of the conglomerate. He added that the conglomerate also plans to adopt a single system in the areas of oil extraction, logistics and oil sales from the beginning of next year.

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