Sechin Courts Foreign Capital in London

Sechin's discussions with London fund managers preceded a similar meeting by Energy Minister Alexander Novak scheduled for Tuesday, and investor meetings by LUKoil later in October.

A source familiar with Sechin's remarks said the Rosneft CEO, an ally of President Vladimir Putin of more than 20 years, declined to answer questions about Rosneft's interest in BP's 50 percent stake in TNK-BP.

Instead, discussion focused on the cost of plans to upgrade Rosneft's refineries, which risk falling short of rising demand for gasoline and currently produce fuel that lags European emissions standards.

Investors are wary of more heavy spending at Rosneft, which faced large outlays in recent years to launch new crude production. Sechin said Rosneft would spend $25 billion to modernize its Soviet-built refineries.

Sechin said $7 billion had already been spent. The remaining $18 billion would be spent over the next five years.

Spending needs for a Venezuelan crude venture, Carabobo 2, were also discussed, two sources familiar with Sechin's remarks said.

In tow was an executive from the Moscow office of ExxonMobil, which sealed a landmark Arctic drilling and shale exploration venture with the Russian state company last year.

Novak told the Financial Times that licenses to drill in Russia's Arctic waters, currently the exclusive preserve of state oil companies, could eventually be co-owned by foreigners.