* Rosneft pledged to rise dividend
* Capex vs $13 bln in 2011 and $9 bln in 2010
By Olesya Astakhova
KHABAROVSK, Russia, Nov 29 Rosneft,
Russia's top oil company and poised for a $55 billion takeover
of rival TNK-BP, expects capital expenditure to be
flat at around $15 billion next year.
Growth in capital expenditures will halt after growing to
$13 billion last year from $9 billion in 2010, Rosneft said in a
presentation seen by Reuters on Thursday.
While Rosneft did not provide a breakdown of its investment
plans, its refineries require modernisation.
A Rosneft spokesman declined comment.
"It is even more than we would like to see. The company has
been ramping up capex previously and everyone was nervous about
excessive costs," Uralsib analyst Alexei Kokin said.
Earlier this year, Rosneft chief executive Igor Sechin said
it will double its dividend payout ratio to 25 percent of net
income with a total payment of 7.53 roubles.
Rosneft has also been stockpiling cash for the TNK-BP deal,
which will make it the world's top crude producer with potential
hydrocarbon output of 4.6 million barrels per day.
In the third quarter, Rosneft's free cashflow jumped to 53
billion roubles ($1.7 billion) from 25 billion in the April-June
period. The company has said it may use its own and TNK-BP's
cash - which totalled over $15 billion at Sept. 30 - to fund the
deal in combination with borrowings from banks.