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    TRANSNEFT CEO FAVORS STATE CONTROL OF OIL PRODUCTION AND EXPORT

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    MOSCOW, May 21 (RIA Novosti) - The state should control oil production and export, said Transneft CEO Semyon Vainshtok at press conference in Moscow on Friday.

    "Transneft can help the state solve this issue," Mr. Vainshtok said.

    According to him, there are many oil companies in Russia that attract foreign specialists and quickly extract oil, something that may lead to deposits becoming exhausted.

    Transneft was founded in 1993 and is a legal successor of the Soviet Union's State Agency for Oil Transportation and Deliveries. Its activity was focused, above all, on oil pumping and the coordination and control of oil being transported through the main oil pipelines to the oil refineries in Russia and the world.

    Transneft controls 48.7 million kilometers of 420-1,220 millimeter diameter oil pipelines, 339 oil pumping stations, 856 reservoirs with a total capacity of 13.439 million cubic meters and has an annual turnover of 853 billion metric tons. Transneft ensures the transportation of 93% of oil produced in Russia.

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