Rosneft to invest 52 billion rubles into Far Easter projects

In 2013, Rosneft will invest about 52 billion rubles into its Far East development programs on the company’s basic activities, the company’s Head, Igor Sechin reported. Sechin hopes for reserves in the amount of up to 14 billion tons of oil on the Arctic shelf. The Rosneft’s Head specified that 27 billion rubles would be invested into the exploration and production of oil, 23 billion into processing and the upgrade of the Komsomolsk refinery and about 2 billion into its provision with oil products.

Such amount of investments is possible in the event of the stabilization of the tariff policy and tax regime. According to Sechin, the potential of Rosneft makes possible implementation of large projects – for example, the Eastern petrochemical complex with capacity of up to 30 million tons in the Primorsk region. Among other things, the oil company intends to invest $5.4 billion into construction of a refinery in the Far East, and to engage in the engineering and construction of a LNG plant in the region together with Japanese Marubeni.