On September 9–10, 2008, Sergey Bogdanchikov, the President of Rosneft oil company, joined the Russian delegation in the ordinary Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened in Vienna. The Russian delegation was headed by Igor Sechin, Deputy Prime Minister of the Russian Federation, who met with Chakib Khelil, OPEC President, and Abdallah al-Badri, Secretary General of OPEC, and submitted to OPEC a draft Memorandum containing the main principles of energy dialogue between Russia and OPEC.

Speaking to journalists, Sergey Bogdanchikov confirmed the production targets of Rosneft as well as commented on the prospects of international projects with Rosneft’s participation. According to Mr. Bogdanchikov Rosneft plans to produce about 110 mln. tonnes of crude oil in 2008 and increase production volumes to 160 mln. tonnes by 2015. Furthermore Rosneft has a very intense development program of the downstream sector and the target of the company is to double refining volumes.

“Our petroleum products will certainly be used to meet the growing demand in the Russian market in the first place. However, considerable volumes of petroleum products will be exported in substitution for the currently exported crude oil. Our reserve base is a reliable guarantee against crude oil and petroleum product deficit in Russia, Europe and elsewhere”, — Mr. Bogdanchikov said.

Commenting on the pricing in the oil market, Rosnef’s President said: “A fair crude oil price for an OPEC or non-OPEC producer is a price that covers all the production costs and allows to make investments that ensure meeting global demand for crude oil and petroleum products. Current oil price level is fair and it reflects the growing production costs due to involving marginal reserves such as offshore and heavy crude.”

“The policy pursued today by OPEC and Russia reflects the interests of the consumers all around the world. Lower crude oil price is unacceptable today as it does not allow to make necessary investments. Rosneft invests several billion dollars per year. We put on stream small and middle-sized fields and next year we plan to start commercial production at a new major field. Crude output of Rosneft is comparable to and even bigger than the output of some OPEC countries. This is the base for mutual interests. We are interested in sustainable supply to the international markets. Today we sell more than 70% of our crude oil and petroleum products in Europe and Asia”, — Mr. Bogdanchikov said.