LONDON, Oct. 6 (UPI) -- Russia's giant oil company Rosneft is set to invest $18 billion to upgrade its oil refineries, the firm's president, Igor Sechin, said.
In a meeting with investors in London, Sechin said the company was prepared to complete a $25 billion modernization program, of which $7 billion had already been spent, ITAR-Tass reported Saturday.
ANSA reported that the target date for completion of the improvements is in 2016.
Investors also discussed where to target further development in oil fields outside of Russia. Venezuela was of particular interest to the company, ITAR-Tass reported.
|Additional Business News Stories|
REYKJAVIK, Iceland, June 19 (UPI) --Iceland's new prime minister this week cited the country's mackerel fishing dispute with the European Union as a prime example of the value of sovereignty.
PARIS, June 18 (UPI) --MBDA's Meteor air-to-air missile is to be integrated onto Eurofighter Typhoon fighters, complementing missile systems already used by the aircraft.