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.
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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)