August 21, 2019 / 2:20 PM / 2 months ago

Rosneft cuts 2019 capex, says bulk of tainted oil remains unsold

FILE PHOTO: The Rosneft logo is pictured on a safety helmet in Vung Tau, Vietnam, April 27, 2018. REUTERS/Maxim Shemetov

MOSCOW (Reuters) - Russia’s largest oil producer Rosneft lowered its guidance for 2019 capital expenditure to 1.1 trillion roubles ($16.71 billion) from 1.2-1.3 trillion roubles, Rosneft’s CFO Pavel Fedorov said on Wednesday, citing “external restrictions.”

Rosneft had to cut its oil output this year to comply with a global oil output deal between OPEC and non-OPEC oil producers.

Rosneft’s management also told a conference call that it was difficult to estimate the full damage from the tainted oil issue. The company said the bulk of Rosneft’s oil that was contaminated is currently stored in tankers of its customers and has not yet been sold.

Reporting by Maria Grabar; writing by Anton Kolodyazhnyy. Editing by Jane Merriman

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