20:36, 20 August 2004

Ingushneftegazprom owner will not change

President of Ingushetia Murat Zyazikov has announced he will not allow the privatization of Ingushneftegazprom, the largest industrial enterprise in the republic, indirectly refuting media reports about the delivery of the company's control stock to Soyuzobshchemashbank.

Today, over 60% of the production produced in the republic fall on the fuel industry. Experts estimate explored industrial reserves of oil at 11 million tons. Initial total raw material resources of Ingush oil exceed 130 million tons.

"Arrears of wages have been paid out over the last two years, the company's debts have been reduced considerably," oil industry workers say. "But the operation term of the most part of technological equipment has expired, and it must be changed immediately. This problem can't be simply solved with budget funds invested in the industry."

Author: Malika Suleymanova, CK correspondent

Source: Caucasian Knot