Rosneft expanding European, Southeast Asian operations

Negotiations for expanding Rosneft’s operations in Southeast Asia and Europe are now in their final stages, President Eduard Hudainatov said in an interview with Rosneft’s corporate newspaper, Oil Courier. Rosneft is currently negotiating with Venezuela’s PdVSA for buying its stake in Germany’s Ruhr Oel. In addition, Hudainatov said that total capital spending in modernizing Rosneft’s refineries until 2015 will reach 200 billion rubles (US$6.64 billion). “We plan to invest around 100 billion rubles (US$3.32 billion) in the next two years so that our refineries produce gasoline not below the Euro 4 standard,” he said. (October 12, 2010)