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

MOSCOW Tue Apr 23, 2013 7:22am EDT

Rosneft President and Chairman of the Management Board Igor Sechin smiles before a signing ceremony after talks with the Chinese delegation at the Kremlin in Moscow March 22, 2013. REUTERS/Sergei Karpukhin

Rosneft President and Chairman of the Management Board Igor Sechin smiles before a signing ceremony after talks with the Chinese delegation at the Kremlin in Moscow March 22, 2013.

Credit: Reuters/Sergei Karpukhin

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)

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