"We are carrying out such work in both the Asian and European markets," Sergei Bogdanchicov said. "To enter the foreign market for filling stations only makes sense if we buy an oil refinery there," he said, adding that otherwise the company could sustain financial losses.
Bogdanchikov said Rosneft presently exports about 60% of oil produced, but is trying to reduce this share. The company's strategy up to 2020 will see refining capacity double in Russia through the modernization of existing plants and the construction of a new refinery in the Far East.
The chief executive said Rosneft's capitalization hit $129 billion as of May 30. He said Rosneft considered further increases in its market value and also dividend growth a priority.
In 2007, Rosneft boosted oil output 25% year on year to 100.9 million metric tons (739 million barrels).
