Bashneft boosted oil production and reduced processing in January-June

Olesya Seregina

UFA, 27 July 2016. /Bashinform News Agency, Olesya Seregina/. PJSOC Bashneft during the six months of 2016 produced 10,58 million tons of oil, which is 10.9% more than during the same period in 2015. Production at brownfields gained 1.4% year on year, the press service of the company reports.

During the six months of 2016, refining totaled 8,82 million tons, which is 4.0% less than in the first half of 2015. The reduction in refining was caused by a planned shutdown of process units at the Bashneft-UNPZ industrial site due to major repairs. In the second quarter of 2016, the output of petroleum products and petrochemicals decreased by 4.9% - to 8,21 million tons.

The share of light products stood at 68.3% against 68.5% in the first half of 2015.

The gasoline production fell by 6.5% year on year to 2,05 million tons, while the output of diesel fuel decreased by 3.6% - to 3,53 million tons. The reduction in the output of engine fuels related to scheduled repairs at Bashneft-UNPZ did not affect the fulfilment of the company’s obligation to supply petroleum products to the domestic market under the quadripartite agreement on refinery upgrades. The refining depth increased to 86.2% as against 85.2% during the same period in 2015, the company reports.

PJSOC Bashneft is a vertically integrated oil company operating in more than 20 regions of Russia and abroad. At the end of 2015 it ranked sixth among Russian oil companies for oil extraction (19.9 million tonnes) and the fourth - for primary processing (19.1 million tons). As of January 1, 2016 proved oil reserves amounted to 2.32 billion barrels. The company is provided with proven oil reserves for 16.3 years.

The controlling shareholder of Bashneft is the Russian Federation represented by the Federal Property Management Agency (50.08 percent of the authorized capital). The Republic of Bashkortostan owns a blocking stake (25 percent plus one share).

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