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Rosneft to expand refinery capacity, move into Asia - CEO

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Rosneft [RTS: ROSN] plans to develop its oil refining capacities, above all in Russia's eastern region, the company president said Saturday.
VLADIVOSTOK, January 27 (RIA Novosti) -- Rosneft [RTS: ROSN] plans to develop its oil refining capacities, above all in Russia's eastern region, the company president said Saturday.

"For example, the Komsomolsk-on-Amur refinery is to increase production to 7 million metric tons in 2007 and to 8 million metric tons in 2008," Sergei Bogdanchikov said.

He also said the state-run oil company is considering the possibility of building new oil refineries in Russia's eastern parts, one of them near the port of Nakhokdka on the Pacific coast, adding that the company takes a special interest in the Asian market.

"Rosneft is viewing the possibility of shipping both crude and oil products to the Asian market," Bodganchikov said, adding that India has a chance of getting access to new oil assets in Russia.

"Taking into account their positive experience in cooperation within the Sakhalin-I Project [in Russia's Far East], India's oil and gas corporation ONGC and Rosneft have agreed to expand cooperation by undertaking other projects in Russia and India, as well as in third countries," he said.

He said the memorandum of cooperation provides for asset swapping, adding that India could get access to shelf projects on Sakhalin in exchange for giving the Russian company access to its oil refining and sales market.

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