CEO sees Russia’s Bashneft capex almost flat on year in 2012

MOSCOW, Sep 8 (PRIME) — Russian oil major Bashneft does not plan to significantly increase its capital expenditures in 2012 compared to the level planned for 2011, the companys CEO Alexander Korsik told reporters Thursday.

We have yet to complete the business plan, but significant growth of the capital expenditures is not expected (in 2012), excluding (the expenditures for the development of) the Trebs and Titov fields, Korsik said.

Korsik said earlier that Bashnefts capital expenditures were expected at around 25 billion30 billion rubles in 2011.

Bashnefts Vice President for Oil and Gas Production Alexander Dashevsky said that the companys investments into the Trebs and Titov project are to amount to about 4.5 billion rubles in 2011 and over 9.0 billion rubles in 2012.

Bashneft is jointly developing the Nenets Autonomous District located Trebs and Titov fields with Russian oil company Lukoil. The combined investments of the two companies into the project are expected at around 12.0 billion rubles in 2012, Dashevsky also said.

In turn, Alexei Kurach, the companys vice president for economics and finance, said that Bashnefts management has not ruled out the possibility of attracting loans in 20112012.

In addition, Bashneft plans to provide 2.5 billion rubles by 2017 to finance the rebranding of the companys gasoline filling stations network, Ali Uzdenov, the companys first vice president for refining and commerce, said Thursday.

(29.4905 rubles U.S. $1)


Leave a comment