Our refineries are equipped with modern technologies to enhance products and reach to the production expectation with the aim to maximize the export demand of the company. We also partnered with a lot of other good refineries abroad to extend our production around the world, all the products are produced to international standard to attract more buyers and intermediaries to facilitate opportunity of been one of the best petroleum and petrochemical company in Russia and the world as expected. And one of the company objective is to harmonize and produce the best products.The aim of our company is to harness natural energy resources or human benefit and other agro products for exportation. And to maintain a sustainable relationship to all the partnered refineries & intermediaries. The biggest market strategies of the company is the ability to provide equal opportunities to all the buyers And reduction in the price to attract more patronization for exportation and local supply
Following been established under Russian law, for production and exportation of mineral resources which can only be carried out with an appropriate license as issued by the appropriate government ministries,Vostok Invest Neft and its subsidiaries and equity affiliates held 271 licenses for geological study and (or) exploration and production of hydrocarbons in Russia and on the Russian offshore. The Company also held three licenses in foreign countries.The company has been working in the last seven years to secure further extension of licenses for its major fields (the Russian Law On Sub-soil Resources permits license extension for a period up to full field depletion in accordance with project documentation on the initiative of sub-soil users,provided that no violation of license conditions has been committed.
With the combine effort of our subsidiaries we obtained extension for 294 licenses in the period from 2011 until 2012, including 28 extensions obtained in 2013. A total of 261 applications for amendments and additions to current licenses were prepared in 2012 and submitted to federal and regional agencies with responsibility for sub-soil use, of which 63 were for changes in exploration work schedules, 75 for extension of the period of license validity, 33 for updating of the terms of license agreements for boundary changes at license areas and 2 for redrafting of licenses. And the company further obtained four licenses without competition for areas on the shelf of the Barents Sea (Sea of Pechora): the Perseyevsky, Fedynsky, Central Barents, Pomorsky and North Pomorsky-2 areas. License payments for these areas totaled RUB 1.9 bln Recoverable resources are estimated at 2.7 bln tonnes of oil equivalent North Oil Resources obtained 29 new licenses during 2013, winning seven auctions for rights to carry out geological studies, exploration and production of hydrocarbons at the Sernovodskoye field (Republic of Ingushetia) the Korneyevsky, Komsomolsky and Nizovsky areas (Samara Region) and the Logoshursky, South Lyuksky, Votkinsky and Sharkansky areas (Republic of Udmurtia). Payments for these licenses totaled RUB 2.1 bln.Total recoverable ABC1 and C2 reserves at the new areas (Russian classification) are estimated at 7.3 mln tonnes of oil and 2 bcm of gas. These without doubt increase the production line and the exportations in the world market.