Rosneft set to finish $25 billion upgrade

Oct. 6, 2012 at 12:49 PM

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.

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