FT: Rosneft eyes new projects, says no impact from sanctions

|About: Rosneft Oil Company OJSC (RNFTF)|By:, SA News Editor

Rosneft (RNFTF) will shift its focus to new projects from acquisitions, its CFO tells FT in a weekend interview, marking a significant strategic change for the state-controlled oil company which had embarked on an aggressive run of acquisitions to become the world’s largest listed oil company by output.

CFO Svyatoslav Slavinsky says Rosneft is aiming for a 30% increase in production by 2020 and to double its total oil and gas output to 10M boe/day in the next 20 years.

Rosneft has seen "no impact whatsoever" from western sanctions, Slavinsky says, adding that a $20B safety net of cash on its balance sheet would allow it to overcome any volatility in the financial markets due to the sanctions.