Russian oil company Rosneft is going to invest about $1bn in oil production, oil refinery and sales a year starting in 2003, Rosneft President Sergey Bogdanchikov announced at the ceremony of signing a general agreement with Sberbank today. He noted that Rosneft was close to western companies in the level of investments per ton of produced oil. He also reported that the company was going to increase oil production by 10-12 percent a year in the future. As of now, the volume of Rosneft's investments in oil production, refinery and sales was $600m a year.
Europe which is panic-stricken over the consequences of rising energy and food prices could strike a treacherous blow to Ukraine this winter, writes Simon Tisdall for The Guardian.