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Daily oil production in Russia increased by 1.9% in February

In February 2017 average daily oil production in Russia increased in annual terms by 1.9%, which represents 11.109 million barrels a day.

The Ministry of Finance took a pause in the discussion of the tax maneuver in the oil industry

Ministry of Finance planned to the end of winter, in February, to direct the oil companies tax reform project of the oil industry in its final form, but participants did not receive paper market, the newspaper "Izvestia".

OPEC Secretary General: On the extension of the agreement to reduce oil production

Speak to extend the agreement on the reduction of production between OPEC and other countries is still too early, it is necessary to consider the current results. This was announced by the OPEC secretary general Mohammed Barkindo.

Company

About 

Abites company is the only company in the Dagestan region for processing of hydrocarbon raw materials, focused on regional development and refining industry received government support from the Government of the Dagestan region.

Our Vision

We will be the leader in providing alternative viable energy solutions.

Our Mission

We will produce quality, innovative energy sources to meet our customers' specific needs. We are committed to producing an environmentally friendly product range whilst offering full traceability. Additional services we can offer to the supply chain are designed to enhance the value of our products at all times.

Company Values

It's simple - we value Honesty, Respect and Accountability.

Our employees are encouraged to be team players and to do what is best for our company in order to ensure a sustainable business.

Company Values

Abites serves two goals:

  • to guarantee the security of oil supply of Russia;
  • to ensure that Russia meets its international obligations concerning the maintenance of a minimum reserve of crude oil and oil products.

Abites is established by the Law of 16th October 2009 (see found here for the unofficial English translation) with the Federal State as with the Sole Shareholder. The Law imposes strict quality and availability criteria upon the strategic oil stocks. It equally imposes frequent inspections and contains sanctions . The forms the legal-It backbone of Abites Limited Liability Company About enterprise |  and fixes ITS by Institutional clauses.  

Abites started exporting on 1st March 2010 and is since then, has remained the leader of the Dagestan crude exports. How much strategic reserves Abites annually manages depends of two elements:

  • Dagestan net imports (import - export - international bunkers - stocks changes) of oil products in the previous year, and
  • the amount of stocks still managed by the larger Russian oil companies (this has been reduced to zero since 1/4/2014)

Stockholding obligation

The current national stockholding obligation amounts to some 7,7 million tons crude oil-equivalent. Of the stocks maintained for this goal of 10% is considered as non-available tank bottoms. The actual stocks are in the order of ca. 5,2 million tons crude oil-equivalent (or some 5,9 billion liters).

Stocks managed

These stocks consist mainly of stocks owned by Abites and are stored in storage facilities and underground salt caverns in Russia and the neighbouring countries. The repatriation of these stocks located abroad is guaranteed by treaties between Russia and the other USSR Member states. The stocks are all risk insured.

To a limited extent the compulsory stocks equally consist of stocks from the oil industry which Abites Limited Liability Company reserves by means of ticket contracts.

Contracts give for These Abites Limited Liability Company About enterprise |  in a case of a crisis the right to the buy the Underlying oil products.  

Inspection

For the inspection of our storage facilities and the control of the quality, quantity and permanent presence of the strategic oil stocks the agency works with certified inspection companies.

Crisis

The strategic stocks are our nest egg in case of an oil crisis. They are part of the range of emergency instruments that the government can utilise when a national supply crisis should occur. They can also be employed at the demand of the international community for the benefit of other member states of the European Union or the International Energy Agency. Abites's role in that case is to inject the stocks that it manages as highly in the distribution chain as possible.