State-controlled Russian oil extraction company Rosneft intends to catch up with the world's mayor energy companies within the next few years, CEO Sergej Bogdanchikov said in Moscow Saturday.
During the company's general shareholders' meeting, Bogdanchikov said in the medium term the company wanted to be among the top five after market capitalization. Rosneft's market value of $76 billion amounts to one third of that of sector leader Gazprom. In the years ahead, Rosneft intended to increasingly develop deposit sites near the Russian coast, including sites in the Arctic Ocean, and sites in the Far East, the CEO said. The first test drilling was planned for the Kamchatka peninsula in 2008.
The company plans to significantly reduce its debts incurred in the acquisition of extractions sites of broken-up competitor Yukos within the next few years. By 2010, the liabilities of $25 billion are due to be reduced to 15 billion. Rosneft was a second-rank oil extraction company until it took over Yukos. In the meantime, Rosneft has come to account for one quarter of Russian oil production. (monstersandcritics.com)