ISTANBUL, October 10. /TASS/. Rosneft will significantly increase oil production as of 2016 year-end, Chief Executive Officer of the Russian oil major Igor Sechin said on Monday.

"Significantly larger," Sechin said responding to a question about oil production in 2016 in comparison to the prior year.

Meanwhile, the company will be governed by interests of its shareholders in case the decision is made to buy out its shares from the stake to be privatized, Sechin said.

"We will make the decision corresponding to interests of our shareholders," he added.

Rosneft is seriously viewing the possibility of buying its shares from state-owned Rosneftegaz because it sees a "tremendous potential" for capitalization growth, Vice President of the company Mikhail Leontyev said earlier. Rosneftegaz holds over 69.5% of shares in Rosneft. 19.5% stake in Rosneft is scheduled for privatization.