Nord Oil Receives Green Light to Commence Oil Production
Montreal-based Nord Oil International, which operates three wholly owned Russian subsidiaries, said that local and regional governments have approved the company's plans to start its oil production on June 1.
"We are truly grateful for the tremendous support we have received by local and regional governments to expedite our authorization to commence our oil production," said Andrei Kuzovlev, executive vice president of Nord Oil International.
"The production is expected to yield
barrels per day or 2.3 million barrels of oil for the following
representing revenues of approximately US$150 million
and when we add
this revenue to our existing transport, storage and trading
revenues should reach close to US$200 million by June
- Nord Oil International to List on London's AIM (Sep 13)
- Nord Oil/North-West Plans to Up Oil Production in Saratov (Aug 10)
- Nord/North-West Targets Saratov Oil Producer (Jun 29)