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    Rosneft stand at the 2017 St. Petersburg International Economic Forum

    Rosneft to Present New Strategy by End of 2017

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    Rosneft CEO Igor Sechin said that the company's strategy untill 2022 will be developed by the end of the year.

    SOCHI (Sputnik) — The management of Russia's Rosneft oil company will present its new strategy drafted on President Vladimir Putin's orders by the end of 2017, Rosneft CEO Igor Sechin said Thursday.

    "The 'Rosneft 2022' strategy, which we will develop and send for consideration to the Board of Directors in accordance with the order of the Russian president by the end of this year," Sechin said at an annual shareholders meeting.

    Russia’s Rosneft is basing its 2017-2018 forecast on oil prices of $40 per barrel,according to Sechin.

    "Overall we proceed from the [price] of $40. A bit more in 2017," Sechin said.

    Rosneft plans to increase hydrocarbon production in 2017 with account for the oil output cut deal by 5.5 percent to 280 million tonnes of oil equivalent (toe), company's CEO stated.

    In 2016, Rosneft increased its hydrocarbon production by 4.3 percent — to 265.2 million toe on the previous year's figures. Thus, in the current year, the growth may total about 5.5 percent.

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    Rosneft, Igor Sechin, Russia
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