It is reported that Rosneft plans to boost investment about 35% to a record next year while production growth slows.

Moscow based Rosneft said capital expenditures are budgeted at RUB 480 billion rubles as the company upgrades refineries. The state-controlled company targeted spending of about USD 11 billion this year.

Rosneft output growth is slowing as western Siberian fields mature, diluting the gains at its Vankor field in Russia east. Rosneft crude production has overtaken ExxonMobil as the highest among publicly traded companies.

According to the statement production will climb to 124 million tons of liquids next year from 122.5 million tons this year. On a per-day basis, that is growth of about 1%. Crude and gas condensate output rose 2.5% this year.

According to the statement crude processing at Rosneft refineries will probably reach 64.6 million tons next year from 57.9 million tons this year. The company is devoting RUB 168 billion or about 35% of the planned spending to modernizing refineries and improving fuel quality.

(Sourced from www.themoscowtimes.com)