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. Last Updated: 07/27/2016

Rosneft Increases 2007 Output Goal

Rosneft said Monday that it had raised its 2007 oil-output target because of higher-than-expected growth at its existing fields and acquisition of new assets from bankrupt company Yukos.

The company said in a statement that it now expects to produce 100.6 million tons of oil in 2007, up by 12 percent from the previous forecast of 90.1 million tons.

"This growth will be attained both through an increase in production at pre-acquisition assets -- from 90.1 million tons per the original business plan approved in December to 91.2 million tons -- and through the contribution of production from the assets acquired in 2007 -- 9.4 million tons from the moment of their inclusion in the company's business plan," it said.

Rosneft also said its board had cleared a 45 billion ruble ($1.8 billion) bond issue to refinance its debt of around $11 billion left from a massive borrowing made to swallow Yukos.