17 Jun 2011 18:33

Rosneft hopes to see substantial production growth in 2012

ST. PETERBSURG. June 17 (Interfax) - OJSC Rosneft plans to boost oil production significantly in 2012, the company's head, Eduard Khudainatov, told journalists on Friday.

"This will be a significant boost, we are working on this," he said, adding that Rosneft is currently outpacing its production plans. He said that the company plans to produce over 120 million tonnes of oil this year along with 20 billion cubic meters.

He added that Rosneft has decided to build an oil pipeline from Komsomolsk Oil Refinery to Port De-Kastri able to transport 4 million tonnes. The project's front end engineering & design (FEED) is now under development.