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The planned merger of Yukos and Sibneft announced this week (see p1) will unite two of Russia's fastest-growing and most forward-looking firms.
The two have led the way in boosting crude output in recent years, mining in respective growth of 19.3pc and 27.4pc last year. Both plan increases of around 20pc this year and have outlined ambitious longer-term targets.
Between them they accounted for about 703,000 b/d of pipeline exports last year, around 27pc of total shipments by Russian firms. And they plan to continue boosting exports in line with rising output, export capacity permitting.
Yukos and Sibneft have also been at the forefront in cutting …