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. Last Updated: 07/27/2016

Officials Tout Energy Successes

Executives at state-led oil and gas projects painted a rosy picture for their firms at an investor conference Monday.

Rosneft vice president Peter O'Brien said his firm had become the national champion not only in oil production, but also in refining.

"On the downstream, we are much more comfortable having added five more refineries," he told the Renaissance Capital conference.

Rosneft is planning to invest $5 billion this year primarily in oil production at its Vankor field and fields run by the former Yukos unit Yuganskneftegaz. Much of the money will also pay to develop the retail business, O'Brien said.

Rosneft is also in talks with Gazprom about access to gas pipelines and expects permission for broader use after 2010 when it wants to increase gas production, he said. Gazprom last year agreed to pay 50 percent more for Rosneft gas, he said.

Matthias Warnig, CEO of Baltic pipeline consortium Nord Stream and a close ally of President Vladimir Putin, said the pipeline would guarantee Europe's energy security at a time when consumption would jump. In 2015, the European Union will have to import 230 bcm more gas than today, Warnig said. That would represent a doubling of last year's imports, according to EU figures.

Warnig rejected criticism of greater reliance on Russia, saying there were few alternatives. "All members of the EU should at least tolerate our project," he said.