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Rosneft's 2013 capex seen flat after years of growth
November 29, 2012 / 7:36 AM / in 5 years

Rosneft's 2013 capex seen flat after years of growth

KHABAROVSK, Russia, Nov 29 (Reuters) - Rosneft expects its capex to be at around $15 billion next year, flat from 2012, as the company increased dividend payout and is poised for a $55 billion takeover, it said in a presentation seen by Reuters on Thursday.

The growth in capital expenditures will be halted after it was grew to $13 billion last year from $9 billion in 2010.

Rosneft, which is in a process of acquiring Anglo-Russian crude producer TNK-BP for over $55 billion, did not provide the breakdown of the investment outlays, but its refineries require urgent modernisation.

A Rosneft spokesman declined comments.

Earlier this year, Rosneft’s Chief Executive Igor Sechin announced that the company will double its dividend pay out ratio to 25 percent of net income with total payments at 7.53 roubles per share.

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