The Dagestan authorities will create the state oil and gas company with 100% local capital, reported Interfax.
The Information Department of the Dagestan administration and government reported that the company will be created till April 15, 2014 by the decree of Dagestan head Ramazan Abdulatipov.
According to the decree, the open-type joint stock company will be created to accelerate socio-economic development of the region and raise economic efficiency of the oil and gas industry of the republic.
The company’s authorize capital will total 10 million rubles. The main directions of its activities will be attraction of investments into exploration, development and extraction of oil and gas in the republic and sales of oil, gas and oil products.
