Bashneft plans to create a new centre of oil extraction and to refuse from fuel oil manufacture

Elvira Latypova

JSOC Bashneft will create a major production centre in the new key operating region - the Nenets Autonomous District. This direction is included into the Company’s development strategy until 2022, approved at the scheduled meeting of the Board of Directors on Thursday.

The strategy provides also oil recovery intensification at brownfields due to introducing new technologies and enhancing the efficiency of the existing ones, implementing the geological exploration program in the region, including the development of gas projects.

In the downstream segment, the company will continue further implementation of the refinery upgrade program. Bashneft will consistently increase the output of gasoline and diesel fuel and will stop manufacturing fuel oil and vacuum gas oil in 2017.

In the sphere of marketing, it is planned to develop small wholesale and retail distribution channels to gain wider access to consumers, as well as to increase the sales of niche products, such as jet fuel and lubricants.

Strategic targets in the field of Health, Safety and Environment are also defined in the document.

The Board of Directors of JSOC Bashneft confirmed the business plan of the company for 2013, including the program of long-term capital investments, and approved a number of transactions.

The extraordinary general meeting of shareholders to be held on January 17, it is said in the Bashneft’s official report.

#bashneft #oil extraction #strategy

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