RusEnergy

RBC, 31.01.2007, Moscow 11:19:10.Zarubezhneft will not purchase a 20-percent stake in the Kharyaga oil field, a source in the company told journalists, saying that was the decision the management had taken. Analysts think that it would not have been profitable for Zarubezhneft to invest in this expensive project once it had bought a stake in it even if the company had such an option. According to the Zarubezhneft source, the company's management did receive a proposal from the Nenets autonomous region to buy a 20-percent stake in the project, along with Nenets oil company. However, the proposal was declined, the RBC Daily newspaper reported today. Zarubezhneft does not have enough funds to purchase shares and invest in the project, as all the proceeds from the company's offshore project in Vietnam go straight to the federal budget. However, the company has not excluded the possibility of reviewing this decision in the future if Zarubezhneft receives revenue from projects in India, which it may carry out as part of the Russian-Indian agreement on cooperation.