LONDON, Oct 5 (Reuters) - Russian state owned oil companyRosneft will spend a total of $25 billion to moderniseits Soviet-built refineries, company chief executive Igor Sechintold investors on Friday, sources familiar with his presentationsaid.
Sechin said $7 billion has already been spent. The remaining$18 billion will be spent over the next five years.
Investors are wary of more heavy spending at Rosneft, whichfaced large outlays in recent years to launch new oilfields andnow must now tackle its aging plants as Russian demand forquality motor fuels rises.
(Reporting by Melissa Akin; Editing by Hans Peters)
Keywords: RUSSIA ROSNEFT/REFINING