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Wednesday, November 14, 2007

Rosneft plans to refine 1 mln barrels of oil a day in 2008

MOSCOW, November 13 (RIA Novosti) - Russia's state-controlled crude producer Rosneft [RTS: ROSN] intends to boost oil refining to 1 million barrels a day, a company vice-president said on Tuesday. Peter O'Brien told a Moscow business conference that Rosneft was increasing oil refining by 7% every year due to growing demand for fuel in Russia and a higher rate on return compared to crude sales, and that the company would "refine about 1 million barrels a day," next year. Rosneft, which became 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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