An oil deposit, which Russian state-controlled crude producer Rosneft is developing in East Siberia, will produce cheaper oil than Saudi crude. The company has dropped plans to sell convertible bonds to refinance debt, and says it will increase output by 50% by 2020 with the help of new assets and fields. The company is aiming “to become the world’s top listed oil producer.” Russia and Iran could set up a joint venture to start operating the Bushehr nuclear power plant in southern Iran within the next three months.