Rosneft sees 2013 capex at $20 billion post TNK-BP deal

EnergyReuters

Rosneft expects capital expenditure of $20 billion this year following the acquisition of TNK-BP , Rosneft's Chief Executive Officer Igor Sechin said on Tuesday.

The previous guidance for Rosneft's capex this year was $15 billion, while TNK-BP expected it at to be around $6 billion.

Continue Reading Below

Sechin told investors during a presentation that the company is able to reduce spending following the deal to acquire TNK-BP.

(Reporting by Vladimir Soldatkin; editing by Megan Davies)