OREANDA-NEWS. Today, Bashneft’s President Alexander Korsik and the Governor of the Orenburg Region Yury Berg signed a Cooperation Agreement between the Company and the Government of the Region for the period from 2016 through 2018. The document is aimed at fostering further growth of the economy and the social sphere and developing the investment potential of the Orenburg Region.

In accordance with the Protocol to the Agreement, in 2016 Bashneft will allocate 30 million roubles for the implementation of social projects in the region. More than half of these funds will be allocated for supporting infrastructure projects in the Alexandrovsky, Oktyabrsky, Perevolotsky and Orenburgsky Districts, where the Company produces oil.

'The Company’s successful operation in the Orenburg Region is enabled to a great extent by consistent efforts of the region’s government to make the region more attractive to investors,' commented Bashneft’s President Alexander Korsik. 'The new long-term Agreement with the Government of the Orenburg Region reflects our shared commitment to further expanding the scope of our mutually beneficial partnership in order to facilitate social and economic development of the region.'

'The Orenburg Region successfully implements the largest projects as part of a social partnership. Socially responsible businesses invest both in production and in social infrastructure in the territories. Together, we ensure that people in the Orenburg Region enjoy a high standard of living, and we develop the region,' emphasized Yury Berg, Chairman of the Government of the Orenburg Region. 'For the Orenburg Region, Bashneft is a reliable partner and taxpayer. We highly appreciate cooperation with the Company and its contribution to social and economic development of the region.'

In the Orenburg Region, Bashneft conducts business in the sphere of oil production and sales of petroleum products. The Orenburg regional office of LLC Bashneft-Retail Sales is one of the region’s leading suppliers of petroleum products. LLC Bashneft-Dobycha conducts upstream operations at the Kitayamsko-Blagodarovskiy and Dachno-Repinskiy licence areas. In 2014 the project to drill new wells and construct field facilities at the Dachno-Repinskoye oilfield was included in the list of high-priority investment projects in the Orenburg Region.

In 2015 Bashneft allocated 20 million roubles for the implementation of social projects in the Orenburg Region. The Company funded repairs and development of educational, cultural and municipal institutions in the Orenburgsky, Perevolotsky, Oktyabrsky and Alexandrovsky Districts.