Marubeni Corporation and Toyo Engineering Corporation signed a Framework Agreement with Mongol Sekiyu Corporation on the 29th of September to discuss participation in the construction of an oil refinery in the Mongolian city of Darkhan, which is 200 kilometers north of the Mongolian capital of Ulaanbaatar....

 Recently Irkutsk Oil Company has experienced a higher-than-normal volume of verification inquiries from customers who were allegedly contacted on behalf of the Company or its subsidiary UstKutNeftegaz. We would like to state that such contacts are not authorized by the Group and would like to reiterate that Irkutsk Oil Company is NOT producing oil  refined products like diesel, kerosene and gasoline and DOES NOT have any uncontracted volumes of crude in 2011. We urge our current and future partners to be alert. Please check all business and sales offers with the legal and sales departments of Irkutsk Oil Company and please report to us any suspicious activity. Details of the Company and its subsidiaries are available on the website, the only official Internet resource of Irkutsk Oil Company. ...

The Japan Oil, Gas and Metals National Corp (Jogmec) and its Russian partner, Irkutsk Oil Co. will spend $200 million to drill at least six exploration wells north of Lake Baikal in two Eastern Siberian oil-and-gas blocks in an effort to diversity national oil sources, Dow Jones reported Feb. 21. According to Jogmec’s East Siberian Project Director Satoshi Asawa, current budget discussions include additional seismic work and drilling to establish the size of the fields, adding if commercial production begins, Jogmec will send its share of the oil to Japan via the Eastern Siberian Pacific Ocean pipeline. ...

Head of subsoil agency Rosnedra Mr. Anatoly Ledovskikh said that according to the preliminary results 42 new oil and gas field have been discovered in 2010....

The successful cooperation of Japanese corporation JOGMEC and Irkutsk Oil Company (INK) to jointly develop oil and gas fields in Eastern Siberia indicates the impending expansion of Japanese businesses in Russia. The president JOGMEC, Hirobumi KAWAHO told Kommersant. ...

TNK-BP announces that, as part of its long-term cooperation with Vietnamese state corporation PetroVietnam, it has signed the contract to supply Russian ESPO crude oil blend to Vietnam. This is the first time ESPO crude oil blend will be delivered to Vietnam....

Agrees to buy carbon credits generated by cutting gas-flaring at eastern Siberia oil field. In the first such transaction in Russia, carbon credits generated by utilising gas which would otherwise be flared at an oilfield in eastern Siberia are to be purchased through a carbon fund set up by the EBRD and the European Investment Bank (EIB), the Multilateral Carbon Credit Fund (MCCF).The gas which will be re-utilised under this scheme is a by-product of oil extraction. The underlying project involves Irkutsk Oil. The EBRD holds an 8.15 percent stake INK-Capital, the primary holding of Irkutsk Oil.The carbon credits being bought through the MCCF are to be generated via the Joint Implementation (JI) mechanism under the Kyoto Protocol in a project centred on Irkutsk Oil’s main Yarakta field.The MCCF, whose other participants are the governments of Finland, Belgium (Flanders), Ireland, Luxembourg, Spain and Sweden, as well as six private sector participants, is one of the few such funds dedicated specifically to countries from central Europe to central Asia. This transaction is its first in Russia....

Since 2005 the EBRD has recognised successful female leaders through the Women in Business Awards. Candidates are clients from the EBRD’s countries of operations and are nominated by the EBRD's resident offices and banking teams. Winner of the Industry Award – Marina Sedykh of Russia, Director General of Irkutsk Oil, a company based in the far north-east of Russia. The only female Director General in the Russian oil industry, Ms Sedykh said it was a great achievement for her and for the company also....

Loan of up to ?90 million will help Irkutsk Oil Company to implement gas flaring cuts and restructure its debt. The European Bank for Reconstruction and Development has agreed to lend Irkutsk Oil Company up to ?90 million, both to enable it to implement a plan to cut gas flaring dramatically at its East Siberian oilfields by the end of this year and to restructure its debt....

Expected low oil prices in 2009 seem to not affect business activities of small oil companies. The President of Irkutsk Oil Company (which operates in the northern part of Irkutsk oblast) Nikolay Buynov pointed out that the company’s budget for 2009 was developed on the base of the spread of $35-50/BBL Brent. Even if the oil price falls down below $30/BBL, the company will still remain profitable....