05-06-08 Rosneft is looking to increase its oil refining capacity in Asia and Europe, the Russian state-controlled oil producer's CEO told an annual meeting of company shareholders.
"We are carrying out such work in both the Asian and European markets," Sergei Bogdanchikov said. "To enter the foreign market for filling stations only makes sense if we buy an oil refinery there," he said, adding that otherwise the company could sustain financial losses.

Bogdanchikov said Rosneft presently exports about 60 % of oil produced, but is trying to reduce this share.
The company's strategy up to 2020 will see refining capacity double in Russia through the modernization of existing plants and the construction of a new refinery in the Far East.

The chief executive said Rosneft's capitalization hit $ 129 bn (EUR 82.7 bn) as of May 30. He said Rosneft considered further increases in its market value and also dividend growth a priority.
In 2007, Rosneft boosted oil output 25 % year on year to 100.9 mm tons (739 mm barrels).