Support The Moscow Times!

Rosneft Capex at $15Bln

Rosneft expects its capital expenditures to be about $15 billion next year, flat from 2012, as the company increased dividend payout and is poised for a $55 billion takeover, it said in a presentation Thursday.

The growth in capital expenditures will be halted after an increase from $9 billion in 2010 to $13 billion last year.

Rosneft, which is acquiring Anglo-Russian crude producer TNK-BP for $55 billion, did not provide the breakdown of the investment outlays, but its refineries require urgent modernization.

A Rosneft spokesman declined comment.

Earlier this year, Rosneft's chief executive, Igor Sechin, announced that the company would double its dividend-payout ratio to 25 percent of net income, with total payments at 7.53 rubles per share.


Read more

We need your help now more than ever.

Independent media outlets and journalists in Russia are being increasingly targeted with “foreign agent” and “undesirable” labels, threatening the existence of the free press day by day.

Your donation to The Moscow Times directly supports the last independent English-language news source within Russia.