Bashneft will not change its strategy with a change of ownership - Alexander Korsik

UFA, 12 March 2015. /Bashinform News Agency, Elvira Latypova/. JSOC Bashneft will not change its development strategy with a change of the main shareholder. Only "some modification" is expected due to overall macroeconomic situation. The President of Bashneft Alexander Korsik told about it at a briefing at the end of the meeting of shareholders of the company.

For example, in the field of oil extraction, according to Alexander Korsik, some exploration projects are postponed. Thus, the ongoing projects provide a stable growth of proven reserves in excess of the actual production volume.

Among the priorities the President of Bashneft named geological exploration in Bashkortostan, development of Trebs and Titov’s fields in Nenets Autonomous District, fields of LLC "Burneftegaz" in Western Siberia, as well as further development of the retail network. In addition, Bashneft will continue the modernization of its refineries, as a result of which, in particular, production of dark oil products - vacuum gas oil and black oil fuel will be terminated.

JSOC Bashneft is a vertically integrated oil company formed on the basis of the energy companies of Bashkortostan. In early December, the company was transferred from JSFC Sistema to the ownership of the Russian Federation. Currently, the issue of transferring a blocking stake in the company to the Republic of Bashkortostan is under consideration.