Rosneft Set to Create Full-cycle JV in East Europe

30.06.2008 (14:32)

Russia's state-controlled oil producer Rosneft is considering setting up a full-cycle joint venture in Eastern Europe, Rosneft CEO Sergei Bogdanchikov said Monday.

"We are drafting a transition plan from a joint venture in extraction to a full-cycle enterprise with operations from extraction to refining and, possibly, transportation," Bogdanchikov told the world petroleum congress in the Spanish capital, reports RIA Novosti.

Bogdanchikov also said Rosneft was drafting plans for crude extraction and refining in Asia.

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.

Rosneft's average daily crude output (including production by subsidiaries and shares in production of affiliates) increased 23.9% year-on-year in January-March 2008 to 2.125 million barrels per day, compared with 1.715 million barrels in the first quarter of 2007.