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Oil producer Rosneft to up output 70% by 2020, to 170 mln tons

MOSCOW, February 15 (RIA Novosti) - Russia's state-controlled crude producer Rosneft [RTS: ROSN] plans to raise production 70% on last year's figures by 2020, to 170 metric tons, the company president said on Friday.

Sergei Bodganchikov said crude and condensate production in 2008 would go up by 11%, to 111-112 million tons (820 million barrels).

He said the company board of directors would soon consider Rosneft's development strategy until 2020, which envisions a production growth of 130 million tons by 2010, 160 mln in 2015, and 170 mln by 2020.

The company CEO said around 25% of production would be generated in the Krasnoyarsk Territory and the Irkutsk Region, both in Siberia.

He also said Rosneft would sell less crude and double its refining capacity, adding that the company would produce around 50 million tons of refined petroleum products by 2020.

Rosneft emerged as Russia's largest crude producer after taking over most of the assets of bankrupt oil firm Yukos through liquidation auctions in 2007.

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