Rosneft Making Overseas Exit»

Russian state-owned oil giant Rosneft has decided to withdraw from overseas projects in order to focus on developments at home and in the broader former Soviet Union, according to company VP Nikolai Borisenko.

The company may also close its representative office in Vienna, which it opened two years ago to explore opportunities in the European market, Borisenko said.

He also expressed skepticism about the company's joint venture with Marathon to ship Russian crude to the US. Borisenko said that it is still under consideration and that a firm decision has not been taken -- but that he personally sees little sense in it.