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Tuesday, 25 October 2016


Abkhaz economy gathering pace

2009-05-28 13:20

2863.jpegRussian Rosneft will be in charge of prospecting, exploration and development of oil and gas deposits off the Abkhazia shore as stated by Rosneft CEO Sergey Bogdanchikov after his meeting with President Sergey Bagapsh.

"We have defined the framework of activities on two directions, - Regnum IA quotes. - First of all it's prospecting, exploration and subsequent development of oil and gas deposits. Secondly, acquisition and sale of Rosneft products - petrol, diesel fuel, lubricants, as well as construction of refueling complexes in the territory of the republic. We are going to provide a high level of service to the people of Abkhazia like we do it in Russia".


According to the Russian company's CEO the two directions will help to invest considerable funds in the economy of Abkhazia that can boast of a good "investment climate" even now. "Your petrol filling stations make a good impression, - they are neat, clean and apparently comply with the security requirements if they operate, - Sergey Bogdanchikov noted. - We come here not to snatch business from anyone but to boost development. We see the republic's development; here is a uniquely mild tax climate which is good for us, business people". Rosneft CEO expressed hope that Abkhazia's economy would grow fast.

Sergey Bogdanchikov and Abkhazia's Minister of Economy Christina Ozgan signed a 5-year memorandum of intentions stipulating that drilling operations off the Black Sea town of Tuapse will start in 2010, RIA Novosti reports. According to Sergey Bagapsh land drilling is not discussed at the moment. Apparently out of ecological considerations.

By the way the Russian and Abkhazian sides are going to strengthen focus on safe extraction of natural raw materials. "In September we plan to invite a large group of Abkhazians including representatives of the government, parliament, press, opposition parties and ecology organizations to our facilities off the Sakhalin shore where the conditions are more delicate, - Bagdanchikov's words are quoted by Caucasian Knot. - We will demonstrate the way we've been implementing sea projects for 14 years with real oil and gas production underway. You will see full compliance with international norms".

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