Source Pravda.Ru

Rosneft reports on investments

Rosneft's total volume of investments has advanced from 6bn rubles($189.7m) to 22.5bn rubles ($711.3m) in the period from 1999 to 2002. Atthe same time a consolidation of investment resources within the holdinghas occurred. According to the press service of the company, at a meetingon September 13, the board of directors of Rosneft declared that in 1999the amount of centralized investments was 35 percent of the total volume ofinvestments. In 2002 this figure is expected to be about 78 percent.In the reported period, the share of Rosneft's funds in the structure ofinvestments grew by 10 percent and the company's share in profits fromthese operations increased from 15.1 percent to 75.9 percent. At the sametime, foreign investors' share in the company's projects was practicallythe same in this period, between four and six percent. Meanwhile, this yearit may jump from 2.7bn rubles ($85.4m) to 4.5bn rubles ($142.3m).The major amount of investments (some 60 percent to 80 percent) wasdirected to the sphere of oil and gas production. In the reported period,the annual gain in oil production was up to 10 percent. In 2002 oilproduction is planned to be increased from 14.9m tons to 16.4m tons and gasproduction from 6.1bn cubic meters to 6.4bn cubic meters, due to theimplementation of a program on putting into operation 965 wells.The total amount of investments in the development of the holding's salesnetwork surged to 5.1bn rubles ($161.2m) in the reported period. On thewhole, its network includes 635 filling stations, 582 of them are owned bythe company..

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