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Russia's Rosneft to invest $16 billion in 2018

Total investments of Rosneft in 2018 are expected to reach 950 billion ruble.

Russia's Rosneft to invest $16 billion in 2018 Russia's Rosneft to invest $16 billion in 2018


 Total investments of Russia's top oil producer Rosneft in 2018 are expected to reach 950 billion rubles (about $16.2 billion), the company said on December 18, 2017.

 

Rosneft forecasts its investments to rise to 950 billion rubles in 2018 and exceed 1 trillion rubles (about $17 billion) in 2019, due to the fact that the company is entering the final stage of the implementation of major projects, Rosneft's 1st vice-president Pavel Fedorov told reporters following a meeting of senior executives in Sochi.

 

Rosneft Board of Directors approved the Rosneft-2022 Strategy at the meeting, the next 5-year plan aimed to qualitatively change the business model by focusing on the implementation of key projects, introducing advanced management approaches and new technologies, and increasing the returns of existing assets of the company.

 

In order to improve the quality of investment and project management, Rosneft will prioritize the completion of development projects at domestic refineries with improved operational efficiency and cost reduction, the statement said.

 

Seeing production of liquids including crude oil at 250 million tons by 2022, the company also plans to develop gas and petrochemical businesses in the next 5 years, with the aim to occupy 20 % on domestic gas market.

 

It will also accelerate technological development and digitalization as well as adopt the holding management structure under the 5-year strategy, according to the statement.

 

To read the full story in Russian.

 

Source : Neftegaz.RU