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. Last Updated: 07/27/2016

Rosneft Looks to Foreign Acquisitions

State oil firm Rosneft will consider expanding abroad by acquiring assets, vice president Peter O'Brien said Thursday, reiterating plans outlined earlier by CEO Sergei Bogdanchikov.

"Over the next year or two, it is possible that we will start to think about moving overseas, looking for upstream or downstream opportunities," O'Brien told a conference.

Rosneft, with a significant portfolio of upstream assets, needs additional refining capacity to process its oil.

The company, Russia's second-largest oil producer, produced 73.5 million tons of oil last year. Its two refineries have a total capacity of only 10.4 million tons.

Bogdanchikov said in an interview this week with French newspaper La Tribune that the firm wanted to triple refining capacity by 2011 and was looking at buying refineries in Asia or Europe.

O'Brien said Rosneft would maintain its fast growth. "We are confident that we are on track to continue growing at about 8 percent a year," he said.