Rosneft to spend 69 billion rubles

Russian oil major Rosneft plans to spend 69 billion rubles (US$2.29 billion) over the coming four years upgrading three of its oil refineries, the company said in a statement. Specifically, Rosneft plans to invest 18 billion rubles US$598.25 million) in the Kuibyshev Refinery, 26 billion rubles US$864.14 million) in the Syzran Refinery, and 25 billion rubles US$830.90 million) in the Novokuibyshevsk Refinery. Rosneft will increase and improve diesel fuel output at the refineries following the upgrades. (December 7, 2009)