Russia’s Rosneft production up by 24.5 percent in 2007

The board of Rosneft said in a statement the expected jump in production to 100.6 million tonnes in 2007 compared to 2006 was also due to capacity increases at some of its oil installations.

The acquisition of new assets, mainly from Yukos, in 2007 will raise production by 9.4 million tonnes in 2007, while capacity increases will account for a 12.9 percent production rise, Rosneft said.

Rosneft, which is chaired by the deputy head of the Kremlin administration, Igor Sechin, aims to become one of the world’s three biggest energy companies and expects production to rise to up to 145 million tonnes by 2012.