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15

Rosneft To Join World's Top Ten

Russian oil and gas congress, he said that Rosneft will soon start producing oil and gas at its other major project, Sakhalin-1

Russia?s state oil company Rosneft announced on Tuesday that it will annually invest $1.5-2 billion into its major projects such as Yuganskneftegaz, Northern Petroleum and Polar Light, the company?s vice president Stepan Zemlyuk said.

Speaking at the third Russian oil and gas congress, he said that Rosneft will soon start producing oil and gas at its other major project, Sakhalin-1, where Rosneft owns a 20 percent stake. He added that Rosneft has great expectations for Sakhalin-4 and Sakhlain-5 projects that it plans to develop jointly with BP.

?Rosneft is going to make its way into the world?s top ten oil producers by 2015. I hope it will be among the top five.?
The company was previously reported to be planning to produce over 78 million metric tons of oil in 2005.