Sibneft Boosts Oil Exports By 42%

Sibneft, Russia's sixth biggest oil producer, has said that it boosted crude and oil product exports, as the company increased output by twenty eight percent to 486,900 barrels a day.

Crude exports rose by forty two percent to 197,100 barrels a day, while refined product exports rose by ninety two percent, the company said in a statement e-mailed to news agencies. Sibneft boosted gasoline output half to 100,600 barrels a day.

The export increases came while Russia had pledged to curb crude oil shipments abroad in the first quarters of the year to help OPEC states prop up the world oil price. Russia had said it would reduce exports by about five percent from last October's peak.

Sibneft has said that it will boost investments in production and refining by 39 percent this year as the country's sixth biggest oil company tries to vault into fifth place. Its reserves are twenty percent greater than those of Italy's Eni, which is Europe's fourth largest oil company by market capitalisation.

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