Rosneft to boost oil production

Rosneft is planning to increase oil output to over 140m tonnes per year by 2012, the Russian oil giant's head of oil production and development Alexander Dashevsky told a press conference today according to RBC. The company expects to produce 102.5m tonnes in 2007, more than 100m tonnes in 2010, and over 140m tonnes each year in 2012 and until 2015. According to Dashevsky, the biggest contributors to output growth will be the Vankor project, the Verkhnechonsk oil and gas field, and the East Siberian Oil and Gas Company's projects. A Board of Directors meeting is scheduled for December to approve the company's mid-term business plan for 2008-2012