MOSCOW, June 19 (RIA Novosti) - Rosneft, a Russian state-run oil company, said Monday it was set to invest $4 billion in oil refining by 2010.
"Rosneft is planning to allocate $4 billion to modernize oil refineries," Chief Financial Officer Peter O'Brien told an international investment conference.
He said the company had registered high rates of production and that its subsidiary Yuganskneftegaz was expected to be pumping out some 75 million metric tons of oil (551.25 million bbl) by 2010, meaning it would be more efficient not only to export crude but to develop oil-refining activities as well.
O'Brien also said Rosneft would increase its natural gas production from the current 13 billion cubic meters to 40 billion cu m by 2010, and was in talks with energy giant Gazprom and other companies to gain access to transportation facilities.
