Group of companies

On February 3, 2004, V. V. Putin, the President of the Russian Federation, signed Decree No 137 on reorganization of Russian Foreign Economic Association State Enterprise Zarubezhneft into a Joint-Stock Company and retention of 100% of shares in the federal ownership. According to the Decree, the assets of RMNTK Nefteotdacha and industry institutes of both VNIIneft JSC and Giprovostokneft JSC were vested in Zarubezhneft. As a result, Zarubezhneft received its own design base, as well as innovation assets.

Strategic guidelines of innovative development of Zarubezhneft JSC are as follows:

  • Development of an integrated system for the effective management of innovative projects;
  • Improvement of the innovative projects portfolio profile by increasing the portion of breakthrough innovations;
  • Making affiliated Research and Development Centers focused on completion of innovation tasks;
  • Creation of an innovative environment, as well as of partnerships with leading research centers and oil and gas companies;
  • Development of a system to commercialize inventions of Zarubezhneft JSC;
  • Creation of the innovative environment within the Group;
  • In 2013, the R&D funding corresponded to recommended values (0.3%); it is planned to increase this amount to 0.9% of Company’s revenues in 2017.

Objectives of Zarubezhneft JSC in the innovative development are as follows:

  • Improvement of the efficiency of Company operations through the development of the innovation segment;
  • Reduction of production costs through the use of new technologies;
  • Establishment and enhancement of the Company’s status as an innovation and technology leader;
  • Business process orientation from the perspective of innovative development;
  • Growth of competence and provision of technology leadership of the Company on the following core competencies: production of tight and unconventional hydrocarbon reserves;
  • Establishment of Zarubezhneft JSC as a high-tech energy company.

Execution of projects of the Program of Innovative Development is implemented with the participation of VNIIneft JSC as a research institute.