RosGeo Plans to Increase Share of Commercial Contacts to 55% in 2021

RosGeo, Russia’s biggest geological holding, plans to increase the share of commercial contracts to 55% in 2021, RosGeo CEO Sergei Gorkov said on Sunday, TASS informed.

According to Gorkov, the holding’s strategy adopted in 2019 envisages an increase of the share of commercial contract and a reduction of the share of government ones. “Back in 2019, government contracts accounted for 55% and commercial contracts – for 45% I can say that in 2020 the balance was even, about fifty-fifty, or 49% of government contracts and 51% of commercial contracts, with commercial contracts slightly prevailing. This year, we want to have 55% of commercial contracts and 45% of government contracts,” he said in an interview with the Rossiya-24 television channel.

RosGeo performs all types of geological prospecting and exploration activities from regional surveys for all types of mineral resources to estimation of the reserves and commissioning of the fields into operation. The company is 100% owned by the state.