Rosneft to Boost Oil Extraction, Refining – Bogdanchikov

MOSCOW. May 25 (Interfax) – Rosneft (RTS: ROSN) plans to boost oil extraction and refining as ne projects come to fruition, Sergei Bogdanchikov, the oil company’s president, told a press conference in Tomsk.

“We have big plans to increase extraction and refining,” Bogdanchikov said.

“The acquisition of Tomskneft and East Siberian Oil Company will mean having to increase refining capacity practically everywhere,” he said.

Production at the Vankor field, when it goes on stream, will average at 25 million tonnes and peak at 33 million tonnes, and Purneftegaz (RTS is producing around 11 million tonnes of hydrocarbons annually, he said.

“We plan to increase refining capacity in Achinsk and Angarsk. I don’t know about Samara yet. We’re building virtually a new refinery in Tuapse, where throughput will treble, and a refinery in the Far East,” Bogdanchikov said.

Rosneft will synchronize the introduction of new upstream capacity with the Eastern Siberia – Pacific Ocean oil pipeline’s construction, Bogdanchikov said. “We’re due to put Vankor on stream at the end of 2008. That’s the main source of the pipeline’s oil. Surgutneftegas (RTS: SNGS) will have put its Talakan field on stream by then or slightly earlier. We’re also partnering TNK(RTS: TNKO)- BP at the Verkhnechonskoye field,” he said.

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