OREANDA-NEWS. March 27, 2012. JSOC Bashneft represented by its subsidiary LLC Bashneft-Polus and the Administration of the Nenets Autonomous District have signed a Cooperation agreement today.

The document was signed by Igor Fedorov, the Governor, representing the Administration of the Nenets Autonomous District, and by Vitaliy Litvinenko, the CEO of LLC Bashneft-Polus, representing Bashneft. The agreement signing ceremony was attended by Alexander Goncharuk, the Chairman of the Board of Directors of JSOC Bashneft, and by Alexander Korsik, President of the Company.

"As a socially responsible company, Bashneft attaches great importance to cooperation with the authorities of our operating regions," stated Alexander Goncharuk, the Chairman of the Board of Directors of JSOC Bashneft. "The current agreement reflects mutual interest of the Company and the Administration of the Nenets Autonomous District in ensuring social and economic stability in the District, creating a favorable investment climate, promoting the welfare of its population. I am convinced that by implementing a large-scale project to develop the R. Trebs and A. Titov oilfields in the Nenets Autonomous District, the Company will substantially contribute to the achievement of these objectives."

LLC Bashneft-Polus, a joint venture of JSOC Bashneft and JSC  LUKOIL, holds a license for exploration and development of the R. Trebs and A.Titov oilfields. LLC Bashneft-Polus strictly complies with the license agreement. Thus, in 2011, public consultation on environmental impact assessment was held, well testing operations were approved, the first exploratory well at the R. Trebs oilfield was drilled and a large-scale seismic survey project is being implemented.

Since February, 2011, about 7 billion rubles have been invested in the development of the R. Trebs and A. Titov oilfields. According to the project plan, in 2012, capital investments will amount to more than 10 billion rubles.

The Cooperation agreement with the Administration of the Nenets Autonomous District, which is in force till December, 31, 2016, stipulates that the Company shall invest in the development of social and economic infrastructure of the Nenets Autonomous District, job creation and charity.