Russneft to lower oil production costs by 30% in 2009
MOSCOW. Aug 26 (Interfax) - Russneft intends to lower production costs for oil by 30% in 2009, the company said in a statement.
Refinement costs will be lowered by 23%.
These figures, the press release said, are the goals set out in the company's anti-crisis program.
The program intends to lower expenditures and production costs while also instituting tight control over costs and optimizing financial and production flow in tandem with market trends.
Russneft plans to lower production costs for oil to 1,285 rubles a tonne this year while reducing refinement expenditures to 566 rubles a tonne.
In the first half of 2009, the company was able to lower production costs to 1,378 per tonne against a planned 1,419 rubles a tonne. Refinement expenditures came to 591 rubles a tonne against a plan of 614 rubles.
The decrease in oil production costs and refinement expenditures were possible owing to increased profit, lowered costs and priority implementation of investment projects with a midterm period of return. Costs were also lowered thanks to efficient organization of power supply, logistics and employment of subcontractor organizations, the press release said.
In the first half of the year, the company held repeated tenders for the provision of services, which helped lower their costs by 12%-17% in comparison with last year.