Support The Moscow Times!

Rosneft Capex Set to Reach $21Bln This Year

Rosneft's capital expenditure could total 700 billion rubles ($21 billion) this year in light of its recent purchase of TNK-BP, according to a presentation on the Russian state-owned oil company's report to International Financial Reporting Standards, Interfax reported.

According to the report, capex was 248 billion rubles in the first half of 2013, while Rosneft plans expenditure of 450 billion rubles in the second half of the year.

The lion's share of investment has been shifted to the second half of 2013 due to the processes involved in integrating with TNK-BP, Rosneft said.

Rosneft stressed that the key priorities of the capex program would be to maintain production at mature fields, step up production at new fields and modernize oil refineries.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.