Rosneft will invest an additional $18 billion in the modernization of its oil refineries by 2016, company president Igor Sechin said on Saturday, Oct 6.

Total investment in the refinery modernization program is $25 billion with $7 billion provided so far this year. Rosneft’s investment program in 2012 will be worth $15.4 billion compared to $13.2 billion last year, RIA Novosti reported.