UPDATE: Russia’s Rosneft eyes capex at 900 bln rbl in 2018 – exec

(Rewrites throughout)

MOSCOW, Nov 6 (PRIME) -- Russian oil major Rosneft has raised its 2018 capital expenditures from 800 billion rubles to 900 billion rubles and will increase it by 20–25% next year, First Vice President Pavel Fyodorov said in a conference call on Tuesday.

“We will reach the figure of about 900 billion rubles of capital expenditures for the whole year (of 2018)…The growth happens mainly due to investment in upstream. Here we also see an about 20–25% growth next year from the point of view of capital expenditures due to the launches of new upstream projects,” Fyodorov said.

Investment will be raised because its expenditures went up 7.8% on the year to 679 billion rubles in January–September and restrictions on oil production under the OPEC+ agreement eased.

In May, Rosneft’s board of directors approved measures to raise investment attractiveness of the company, including a 20% cut of capital expenditures in 2018 to about 800 billion rubles.

(65.5799 rubles – U.S. $1)

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