Rosneft to Boost Oil Refining Capacity
November 15, 2007
Rosneft, the Russian state-owned oil producer, will boost its oil refining capacity to one million barrels a day, according to the news source RIA Novosti.
According to the publication, Rosneft vice president Peter O’Brien has stated that Rosneft was increasing oil refining by 7% each year. He said that this was as a result of increasing demand for fuel in Russia and an improved rate on return compared to crude sales.
Rosneft became Russia’s largest crude oil producer after taking over the assets of Yukos, which went bankrupt. Rosneft plans to boost output by 24.5% to 100.6 million metric tons (737 million barrels) in 2007, RIA Novosti revealed.