Rosneft Lays Out Spending, Export Plans

Russian oil major Rosneft plans to invest around 1.1 trillion roubles ($18.50 billion) in 2017 and 1.3 trillion roubles in 2018, Igor Sechin, the company's chief executive officer said. Sechin added that Rosneft plans to supply 31 million tons of oil to China and 2 million tons of oil to India in 2017. The Moscow-based company produced 210 million tons of oil in 2016, Reuters reported. Sechin also asked Russian President Vladimir Putin on Monday to receive the company's partners Glencore, Intesa and the Qatar Investment Authority (QIA), the Kremlin said. Trading house Glencore and the QIA recently became Rosneft shareholders in a multi-billion-dollar deal partly funded by Italian bank Intesa. Sechin said at a meeting with Putin on Monday that Rosneft was planning new projects with the three partners and they wanted to tell Putin about the prospects for those projects, the Kremlin said in a statement on its website.