Chechnya wants control of Grozny oil company

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"Oil is the main wealth of the Chechen Republic," the lawmakers said, adding that Chechnya's oil reserves amounted to 25 million metric tons and would be completely exhausted in 10-15 years.

GROZNY, March 21 (RIA Novosti) - Chechnya's parliament Tuesday asked the Kremlin to change the current profit distribution scheme from oil produced in the North Caucasus republic.

Deputies said in a statement that a controlling stake in oil company Grozneftegaz, a subsidiary of state-owned oil major Rosneft, should be made the property of the Chechen Republic.

"These measures are needed for a complex and systematic solution of economic problems, the rebuilding of Chechnya's economy and social sphere, and to increase political stability," the statement said.

"Oil is the main wealth of the Chechen Republic," the lawmakers said, adding that Chechnya's oil reserves amounted to 25 million metric tons and would be completely exhausted in 10-15 years.

They also said funds from Chechen oil exports were not being used to help rebuild the republic.

However, the lawmakers said Rosneft had restored Chechnya's oil industry.

"About 8.1 million metric tons of oil worth 45 billion rubles [$1.62 billion] were produced [in Chechnya] in 2001-2005," the statement said.

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