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Wednesday, November 14, 2007

Oil producer Rosneft to triple crude supplies to Asia by 2020

ROME, November 12 (RIA Novosti) - Russian state-controlled crude producer Rosneft [RTS: ROSN] intends to triple oil supplies to Asian countries by 2020 in a bid to diversify crude exports, the company's chief executive said on Monday. Speaking at the World Energy Congress in Rome, Sergei Bogdanchikov said the company's crude supplies to Asian countries would rise from the current 6% of its overall exports to 20% by 2020. Rosneft, which has become Russia's largest crude producer after acquiring most of the assets of bankrupt oil firm Yukos through liquidation auctions, earlier said it intended to boost oil output by 24.5% to 100.6 million metric tons (737 million barrels) in 2007.

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