Rustam Minnikhanov about the important role of small oil business: First and foremost, small oil business provides effective residual life

On October 15, in Almetyevsk, Tatarstan President Rustam Minnikhanov, Tatarstan State Counsellor Mintimer Shaimiev, Director General of Tatneft Oil Company Nail Maganov and other officials took part in solemn events dedicated to the production of the 100-millionth tonne of oil by small oil companies of the republic.

Welcoming participants of the meeting, Minnikhanov congratulated everyone on the important event in the history of the republic - production of 100-millionth tonnes of oil by small oil companies of the republic since 1997, when a corresponding decree was signed by the first Tatarstan President Mintimer Shaimiev.

According to Minnikhanov, today the share of small oil companies in the total oil output in the republic makes 22 per cent, and this figure is increasing every year.

Minnikhanov reminded about the role small oil business plays in the world. First and foremost, small oil companies provide effective residual life. He said that there are 127 small oil companies in the republic, which is not enough. They produce about 127 million tonnes of oil or 3.8 per cent of total oil production, while in 1996 this figure was about 10 per cent.

We are not using the regional small oil companies to their potential, Minnikhanov said. Starting with 200 million tonnes of oil reserves in 1997 and having produced 100 million tonnes of oil for this period, they have expanded their resource base up to 280 million tonnes of oil. 

Minnikhanov also handed over state awards of the republic to oil workers.