Rosneft refnery upgrades bogged down

摘要

Rosneft this week reiterated that it has no immediate plans to sell any of its Russian refneries in the face of declining downstream proftability. But its 2017 investment plans suggest refnery modernisation is not a priority. The company will invest Rbs1.1 trillion ($18bn) this year, with 80pc of this allocated for upstream projects, up by 45pc against 2016, Rosneft said. Investment in downstream opera- tions will account for 14-18pc of the total at Rbs150bn-200bn this year.