Alexandr Ryazanov: Stabilization and Enhancement of Oil Production – Main Objective of Sibneft

Alexandr Ryazanov visualizes Sibneft as an independent company that could develop oil both in its own license areas and act as an oil production operator in license areas of Gazprom - this statement has been made at a joint press-conference of the president of JSC Sibneft, general director of JSC Sibneft-Noyabrskneftegaz Sergei Rusakov and mayor of Noyabrsk Nikolai Korobkov held in Noyabrsk today.

The journalists’ questions pertained to the company’s oil production prospects and social partnership between Sibneft and regions.

According to Alexandr Ryazanov, stabilization and enhancement of oil production are the main objectives of Sibneft today.

In his reply to a question about the future of Sibneft shares Alexandr Ryazanov pointed out that in his opinion they will retain their liquidity but under a new brand of Gazprom Neft.

Speaking about dividend distribution the president of JSC Sibneft said that no more than 50% of profits should be allocated for such purposes since considerable funds need to be invested in the company development today.

Though, final decision on this matter will be taken by the Board of Directors of JSC Gazprom on May 25, stressed Alexandr Ryazanov.