RUSSIA - Semyon Vainshtok.CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the state-owned oil pipeline monopoly Transneft since September 1999, Vainshtok has become powerful. Previously he was a vice president at LUKoil. Vainshtok was brought in to replace Dmitry Savelyev who was made Transneft CEO in mid-1998 by the then PM Sergei Kiriyenko (his friend and former colleague in the Nizhny Novgorod Nizhny Novgorod (nyēsh`nyī nôf`gərəd), formerly Gorky or Gorki, city (1989 pop. administration. Savelyev was Kiriyenko's successor as head of the Nizhny Novgorod refiner re·fine v. re·fined, re·fin·ing, re·fines v.tr. 1. To reduce to a pure state; purify. 2. To remove by purifying. 3. and marketer Norsi Oil - see Vol. 59, No. 14). Wagit Alekperov, the CEO of Russia's biggest oil producer, LUKoil, is an Azeri-born Russian has turned this company into a giant. LUKoil will invest $100 bn over the next decade to boost its crude oil output and increase refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar capacity, including possible foreign acquisitions. In a statement released on Sept. 5, 2006, LUKoil said it would raise its crude oil production to 3.6m b/d by 2015. Spending an average $10 bn a year would put LUKoil well above its Russian peers in terms of capital expenditures. The announcement came as LUKoil faced growing competition from Rosneft, which is seeking to become Russia's top oil producer within the next few years. Rosneft currently produces about 1.6m b/d. Analysts said LUKoil appeared to be placing a bet that oil prices will stay high in the coming years, since demand would need to remain strong to supply the company with the necessary cash flow. "The [LUKoil] headline numbers are spectacular", Nadia Kazakova, oil and gas analyst at Moscow's Alfa Bank Alfa Bank, the corporate treasury of the Alfa Group, is the largest private commercial bank in Russia. Its headquarters are in Moscow, Kalanchevskaya street. Today it is a high technological universal financial institution, providing service for more than 1. , told Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance after the announcement, adding: "It makes sense as long as they assume that oil prices will remain in the $50-$70 [per barrel] bracket In programming, brackets (the [ and ] characters) are used to enclose numbers and subscripts. For example, in the C statement int menustart [4] = ; the [4] indicates the number of elements in the array, and the contents are enclosed in curly braces. over the next ten years or so". LUKoil's capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. in 2005 was about $4 bn. It spent about $3 bn on acquisitions. The company has recently invested about $1 billion a year in its seven refineries, where it processes about half of its total crude oil output. LUKoil has said it would build a new refinery in Turkey, and is bidding for a refinery in Rotterdam. The company is expanding its network of filling stations in Turkey and the former Yugoslavia. LUKoil said it planned to spend $65 bn on boosting upstream capacity and adding licences in Russia or abroad and $35 bn on upgrading existing refineries and buying or building new ones. LUKoil is bidding for a refinery in Rotterdam. Alekperov is close to the Kremlin. He has cultivated friendships across the globe. When he goes to Venezuela, for example, he meets with President Hugo Chavez. The latter met with Alekperov during his visit to Moscow in July 2006. ConocoPhillips is to raise its stake in LUKoil to 20% by end-2006 (see omt10RusOverseas-Sept4-06). |
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