Rosneft puts new projects on back burner (ft.com)

Rosneft is to shift its focus to increasing production at existing oilfields, its chief executive has said — in a tacit admission that weak oil prices and economic sanctions are thwarting ambitious plans for new projects.

Igor Sechin, the powerful head of the state-controlled Russian oil group, said in a meeting with prime minister Dmitry Medvedev on Friday that the company had revised its strategy in order to maintain its market share....................

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