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Russneft to increase output in Azerbaijan

07 November 2016 07:27 (UTC +04:00)

Baku. Agshin Rafigoglu – APA-Economics. Russian oil company RussNeft will float up to 10% of its shares on the Moscow Exchange in November and gain $400 million. On the eve of IPO, the company should firstly approve development strategy for 2017-2019 and elect a new president.

After IPO, the company will merge its assets in Orenburg and consequently, the annual oil output will reach 1 million.

The three-year strategy t be discussed the Meeting of the Board of Directors today will increase the interests of potential investors in the company. The Chairman of the Board of Directors of the Company Mikhail Gutseriev said that the “spinal column” of the development strategy is to increase the output 40% by 2019: “We plan to increase the annual output from 7 million tonnes to 10 million tonnes”.

Moreover, RussNeft also intends to increase the output in Azerbaijan.