Rosneft confirmed it plans to hike capital expenditure this year by 55%, to be plowed mainly into upstream projects. The company’s downstream plans will depend greatly on whether the state-controlled major manages to win tax allowances. According to the company’s first vice president for economics and fi- nance, Pavel Fyodorov, Rosneft capex is to reach 1.1 trillion rubles ($19 bil- lion) in 2017, plus/minus 10% de- pending on tax scenarios and other factors. Its capex in 2016 stood at 709 billion rubles (NC Feb.23’17).
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