By the OGJ Online Staff
HOUSTON, June 15 -- Russian company Tyumen Oil Co. has created a subsidiary, Urals Oil Co.
Ural Oil will develop oil fields in the Chernorechensk section of the Tavdinsk region and the Iusk and Katylinsk fields on the border between the Sverdlovsk and Khanty-Mansiisk regions.
Tyumen said it will also study the feasibility of building a refinery in the Sverdlovsk region.
Tyumen said Urals Oil will strengthen its strategic position in crude reserves and open markets for its refined products.
Urals will be owned 51% by Tyumen and 49% by the Sverdlovsk regional government. That region is 900 miles east of Moscow in the Ural Mountains.
"By establishing Urals Oil Co., we will be able to diversify our crude oil holdings and strengthen our refined product output, while satisfying the growing fuel needs of the Sverdlovsk region's expanding population and industrial base," said Davor Stern, Tyumen's head of downstream operations.