“Rosneft” has rejected the license for the hydrocarbons area in Chechnya, according to TASS. The validity of the license for the Severo-Dzhalkinsky area located on the territory of the republic was terminated on July 20, 2015. The reasons for such a decision were not disclosed.
Oil production in Chechnya is conducted by the “Grozneftegas” company previously owned by the local government and “Rosneft” and was established in 2000 on the basis of the oil production assets of the country. In June the Head of Chechnya Ramzan Kadyrov said he had plans to discuss the issues of increasing oil production in the country and building an oil-producing plant with the management of “Rosneft”. During the St. Petersburg International Economic Forum “Rosneft” has signed a cooperation agreement with the Republic providing for co-financing of projects for the rational use of oil-associated gas and reproduction of the mineral resources base.
Author: Anna Dorozhkina