Russian oil production set to rise 52%, predicts Rosneft chief

Rosneft CEO Igor SechinRussian oil production could increase from the 530.5m tons being predicted for 2015 by Russia’s Economic Development Ministry to 700m tons in the near future, Rosneft CEO Igor Sechin told delegates at the FT Commodities Conference last week, with China playing an increasingly important part in the country’s export plans. 
“Europe is a key consumer for us,” he said, “but the growing market of the Asia-Pacific Region is extremely attractive for us.” The Asia Pacific region currently only accounted for between 13% and 15% of exports, he added; but with Chinese oil consumption forecast to grow by 2% annually for the rest of the decade, Sechin expects that proportion to change. 
China would also become an increasingly important market for Russian gas and Gazprom, he predicted. “T
he Chinese [gas] market is extremely attractive. Total consumption is 150bn m³ and will double within the next five years.”

 
Source: ITAR-TASS