LONDON, Oct 5 (Reuters) - Russian state owned oil company Rosneft will spend a total of $25 billion to modernise its Soviet-built refineries, company chief executive Igor Sechin told investors on Friday, sources familiar with his presentation said.
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, which faced large outlays in recent years to launch new oilfields and now must now tackle its aging plants as Russian demand for quality motor fuels rises.
(Reporting by Melissa Akin; Editing by Hans Peters)
Keywords: RUSSIA ROSNEFT/REFINING