21:55 GMT +316 December 2017
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    ROSNEFT STEPS UP OIL EXTRACTION RATE BY 14.3 PERCENT

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    MOSCOW, April 13 (RIA Novosti) - The Rosneft oil company has increased oil extraction in the first quarter of 2004 by 14.3 percent, that is to 5.1 million tons and gas extraction by 21.5 percent to 2.1 billion cubic metres, in comparison with the same period last year.

    The company's press-release indicates that investment in Rosneft strategic projects over the three months of 2004 amounted to 2.26 billion roubles (28.5 roubles per $), up from 2.3 percent in 2003.

    Rosneft strategic projects include the development of hydrocarbons on the shelf of the Sakhalin Island, the Barents, Caspian, Black and Azov Seas, the Yamal-Nenets autonomous district, the Timano-Pechora oil-and-gas-bearing province and Eastern Siberia.

    The holding's investment in oil processing has grown in comparison with the previous years by almost 2.5 times and into oil products factories by almost 33 times.

    Rosneft is the only oil company with the state's 100 percent ownership. One of its main functions is performing the government's assignments in various fields.

    Rosneft's main targets today are being an authorised organisation for preparing and implementing decisions on production sharing, Chechen oil-and-gas tandem rehabilitation and oil product supply for government needs.

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