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Rosneft Says Output Hits 5 Million Barrels Per Day

Rosneft CEO Igor Sechin has announced his company's output has reached some 5.1 million barrels of oil equivalent per day.

Speaking on October 23 at the third Eurasian forum in Verona, Italy, Sechin said Ronseft's daily production level "exceeds the output of many major oil producing countries."

Sechin claimed Rosneft has "about 20 percent of resources on the World Ocean shelf, which constitutes 25.5 billion tons of oil and 25 trillion cubic meters of gas."

Despite Western sanctions against his company and those placed on him personally, Sechin predicted Rosneft's consolidated revenues would this year top the $144 billion the company recorded last year.

Sechin also said that as a result of sanctions imposed on Russian oil companies "many European refineries have found themselves on the verge of closure."

He said Rosneft's payments to Russia's state budget amount to $80 billion a year.

Based on reporting by TASS and Interfax