Chechnya
Chechnya to acquire rights to its own oil from Russian state oil company
Rosneft — the majority state-owned Russian oil company — will sell its Chechen subsidiary, Grozneftegaz, to Chechnya. According to Russian daily Kommersant, the value of the transaction is estimated at ₽12.5 billion ($370 million). Under the agreement, Chechnya will receive a majority 51% of shares in the company, which focuses on oil and gas extraction in Chechnya. The sale has yet to be signed off on by Russia’s Ministry of Economic Development; however, according to Kommersant, the tr
