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Russian President Vladimir Putin authorized the handover of Chechenneftekhimprom, one of the largest oil producing assets managed by Rosneft, to the Chechen Republic, supporting the request of the Chechen leader Akhmad Kadyrov, Russian newspaper Kommersant reported.
The publication refers to a letter dated December 3, in which Kadyrov asks the Russian leadership to hand over Chechenneftekhimprom company. It is said to belong to Rosimushchestvo [Federal Agency for State Property Management] but is managed by Rosneft on a lease basis. Near the oil company the Chechen authorities plan to set up a joint production of lithium-ion batteries together with the Korean company KOKAM (agreement signed in 2014).
According to the report, Kadyrov noted that the transfer of the company would in no way affect the interests of Russian Rosneft.
It is reported that Putin has supported the proposal of the Chechen leader, and the government is considering the relevant draft documents. Rosneft refused to comment on the issue.
Read alsoPutin tells Merkel Kyiv must ‘buy militants off in ‘Chechen’ scenario’Current oil reserves in Chechnya are estimated at 60 million tonnes. Oil production in the region is mainly carried out by Rosneft, owning 51% of Grozneftegaz (last year’s production capacity of 450,000 tonnes). In recent years, the oil production in Chechnya has been plummeting, having contracted by eight times in the last six years.
Chechenneftekhimprom runs two refineries, plants specializing in repairing industrial equipment, production equipment and storage facilities. Earlier, Russia’s Rosneft was repeatedly criticized for inefficient activity in Grozny against a backdrop of job cuts and decrease in tax revenues.