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13

Rosneft To Boost Oil Production

The main target figures for Rosneft were approved at a Wednesday BOD meeting

Russian state-owned oil firm Rosneft plans a 3.5 year-on-year production increase to 75.35 million metric tons, a company said Thursday.

The main target figures for Rosneft were approved at a Wednesday BOD meeting.

Rosneft will to boost the production of Yuganskneftegaz, a former key unit of the beleaguered Yukos company, by 0.4% to 52 million metric tons in 2005, and the rest of its enterprises by 7.9% to total 23.35 million metric tons.

The company estimates natural gas production will increase by 38% in 2005 in comparison with 2004 to total 2.9 billion cubic meters.

Rosneft plans to invest about 80 billion rubles ($2.79 billion) in 2005, mainly in production.