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Rosneft is targeting a 10.7% increase in crude oil refining in 2005
Rosneft, Russia's second largest oil producer, is targeting a 10.7% increase in crude oil refining in 2005, year on year, up to 10.3 million metric tons, a company spokesman said Tuesday. Yury Matveyev told a news conference that the company's oil production this year was forecasted at 75.4 million tons and natural gas production at 12.9 billion cu m, compared with 21.6 million tons and 9.1 billion cu m, respectively, last year. Matveyev said Rosneft intended to be among the world's ten largest producers of hydrocarbons by 2015, extracting 100 million tons in 2010 and 136 million tons in 2020, with its gas production reaching 40 billion cu m and 80 billion cu m in the same period. Rosneft intends to invest about $1 billion to upgrade its Tuapse refinery to 12 million tons from the current four million and to increase annual oil transportation through the Russian port of Tuapse from 10 million to 17 million tons in the coming four years, he said. Rosneft also intends to invest $10 million in the exploration of the Western Kamchatka shelf in Russia's Far East, he said. Rosneft is Russia's only state-owned oil company, with 47 assets throughout the country.
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