Russneft registers drop in oil extraction

The headquarters of the State Oil Company of the Azerbaijani Republic
(SOCAR) had a meeting with Russneft last week.

SOCAR Vice-President Khoshbakht Yusifzade, Vice-President for
Extraction and Transport of OIl and Gas Rahman Gurbanov, specialists,
Vice-President of Russneft Sergey Bahir, director of the
science-research center Alexander Kundin and President of Global
Energy Azerbaijan Ltd Igor Kirdod were at the meeting.

The discussed problems and economic indicators, prospects for
development, the ecology and long-term programs.

Turan said that SOCAR registered a 2-fold drop in oil extraction of
Global Energy Azerbaijan, from 1000 tons daily to 500 tons. A serious
warning note was passed. SOCAR may cancel long-term contracts unless
the oil extraction requirements are fulfilled.