OAO Rosneft, Russia’s largest oil producer, plans to increase capital spending at least 23 percent this year as it boosts investments in refinery upgrades following a change in tax rules on heavy products.
Rosneft plans to invest more than 480 billion rubles ($16 billion) this year, according to a presentation posted on the company website. Capital expenditures amounted to 389 billion rubles last year and 271 billion rubles in 2010, according to the presentation.
Net debt increased 6 percent to 527 billion rubles at the end of the first quarter from 497 billion rubles on Dec. 31, the Moscow-based company said in its results for the period.
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