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Rosneft sees 2013 capital expenditure at $20 billion post TNK-BP deal

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(Globalpost/GlobalPost)

MOSCOW (Reuters) - Rosneft <ROSN.MM> expects capital expenditure of $20 billion this year following the acquisition of TNK-BP <TNBP.MM>, Rosneft's Chief Executive Officer Igor Sechin said on Tuesday.

The previous guidance for Rosneft's capex this year was $15 billion, while TNK-BP expected it at to be around $6 billion.

Sechin told investors during a presentation that the company is able to reduce spending following the deal to acquire TNK-BP.

(Reporting by Vladimir Soldatkin; editing by Megan Davies)

http://www.globalpost.com/dispatch/news/thomson-reuters/130423/rosneft-sees-2013-capital-expenditure-at-20-billion-post-tnk-bp