China to deal with Ingushetia’s oil wells

By Vestnik Kavkaza

On May 12-13, 2015, one of the major world financial events will take place in Beijing within the Chinese International Scientific Technical Exhibition (CHITEC) – the Chinese Financial Summit. A key arrangement of the forum will be a special session on financial cooperation between Russia and China. Representatives of the Central Bank of Russia, the People’s Bank of China, public and private banks of Russia and China, insurance companies, investment funds, real economy enterprises will gather in Beijing. At the same time, a lot of attention is paid to cooperation between Russian regions and China. Soon, the International Russian-Chinese Economic Forum will be held in Ingushetia. Last year Yunus-bek Yevkurov and the Executive Director of the international investment consulting company ‘Carat', Van Li, signed a contract on economic cooperation. The Chinese company represents the interests of Ingushetia in China in the sphere of searching for trade partners who are ready to invest in the republic’s economy.

Yunus-bek Yevkurov, head of the Republic of Ingushetia, told Vestnik Kavkaza about the directions of Chinese-Ingush cooperation: “Ingushetia is situated in the center of the Caucasus. It is the Caucasus’s heart. Therefore, we want to focus this logistics center there, including a similar second center of goods for the Turkish direction. And we believe that this project will provide a good impulse and turnover among our subjects, with China and Ingushetia. Chinese manufacturers are interested in growing eco-friendly products on our fertile lands, and sending them to China, its restaurants and retail outlets, because our soil is very good and clean.

And the supply of goods is cheaper. Unfortunately, cheaper than those that are made, including clothing manufacture or components are cheaper in comparison to the manufacturing plants in Russia. That is why people will buy more of these products.”

There is an opportunity for interaction in the field of education. “China makes advances in order to create a group for learning the Chinese language at the Ingush State University and provide non-feepaying training of 10 students at Shanghai University. Knowledge of the Chinese language, in any case in the short term, is rather serious help,” Yevkurov said.

Moreover, according to the head of Ingushetia, “if Rosneft agrees to start this action, maintenance of hundreds of inactive wells that are empty and without work since Soviet times. Due to this, we have a serious problem with the soil in the Malgobek region where oil was extracted. Therefore, a Chinese company wants to be responsible for maintenance of these wells and putting them in order. I hope that we will succeed.”

Chinese investors plan to revive shut-down oil fields in Ingushetia and resume producing oil.