( Interfax ) - Rosneft will invest 67 billion rubles by 2011 in its bid to increase the utilization of associated petroleum gas at its oil fields to 95%, Mikhail Stavsky, the company's vice president, said at an international conference on the Utilization of Associated Gas in Russia.
Stavsky said that Rosneft's Purneftegaz unit planned to invest 13 billion rubles and its Yuganskneftegaz unit - 25 billion rubles.
Stavsky said Rosneft was proposing new legislation to force companies to build projects for utilizing associated gas into all stages of planning for the development of new and existing fields. License holders would have until 2011 to implement these plans at existing fields and four years after putting new fields on stream.
Rosneft also proposes that oil producers install meters at gas flaring units, and that profit tax concessions be awarded on the sale of the products of associated gas recovery.