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North Caucasus' Dagestan may start its own oil production

January 15, 2014, 20:26 UTC+3 15
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MAKHACHKALA, January 15 (Itar-Tass) - Russia's North Caucasus Republic of Dagestan may develop its own oil production, the head of Dagestan Ramazan Abdulatipov told the republic’s parliament on Wednesday.

“Dagestan has sufficient oil and gas reserves, but this by no means influences the people’s welfare and wealth,” Abdulatipov said. He also instructed the republic’s government to draw up a plan to intensify offshore geological prospecting in the Caspian Sea.

The state and Rosneft oil company already have an agreement to set up an oil company in Dagestan, Abdulatipov added.

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