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In the upstream segment, the most significant accomplishment was the timely launch of the Kolvinskoye oil field in Timano-Pechora. Prior to the production start our team established necessary infrastructure, including 146 kilometers of pipeline, and initiated a development program. These efforts mark our commitment to this region where we expect to develop our operations for many years to come.
Another significant milestone was the creation of a joint venture with the Spanish oil company Repsol. Through the joint venture, the Company’s upstream prospects continue to improve as we create another platform for longterm development of oil and gas reserves and production. Together with Repsol we are realizing an opportunity to enter the Russian gas market, which offers attractive opportunities for business development.
Looking ahead, the key objectives for the upstream segment remain to continue extending the Company’s track record of value creating, reserve additions and production growth.
In the downstream segment, the Company’s market presence expanded further as oil product deliveries increased and we improved our position in the bunker market. The modernization of the Khabarovsk oil refinery progressed further. The second phase of a chemical water treatment plant, a boiler plant and a reagent farm were constructed in 2011. Designing works and contracting of equipment were almost completed and the project is well into the construction phase.
The refinery modernization remains the key project in the coming year, while we are also establishing a connection to the East Siberia Pacific Ocean (ESPO) pipeline to gradually replace railway deliveries of crude oil to the refinery, and continuing to strengthen the marketing arm.
Alliance Oil Company takes great pride in and commits significant resources to the sustainable development of the operations. Our employees, the societies we operate in and the environment are important priorities and in the past year valuable progress was made in all areas.
The Company is well positioned to extend its history of profitable growth through the further development of the integrated business model and operations while capitalizing on new business opportunities. Our commitment to return greater value to our shareholders remains firm.
Arsen Idrisov, Managing Director
To see the full financial results please click here