Rosneft to invest $8 bln in Far East by 2011
Russian oil company Rosneft plans to invest $8 billion in its projects in the Far East by 2011, Rosneft President Sergei Bogdanchikov said at the Far East Economic Forum in Khabarovsk on Thursday.
He said that of this amount $5 billion would be spent on geological exploration. Including investment in the development of the Vankor oil field (Taimyr) which, according to Bogdanchikov, will amount to $6
billion, total Rosneft investment in the east of the country will reach about $14 billion by 2011.
He said that commercial production at the Vankor field would start at the end of 2008 and that the company plans to produce up to 33 million tonnes of oil per year at the field, which will be exported
through the Eastern Siberia-Pacific Ocean pipeline.
"By the time the first phase of the Eastern Siberia-Pacific Ocean pipeline is launched, we will ensure the necessary volume for the pipeline," the Rosneft president said.
He also noted company plans to build a refinery in the Far East, so as to export oil products, rather than crude.
In the Far East, Rosneft is a participant in the Sakhalin-1, Sakhalin-3, Sakhalin-4 and Sakhalin-5 projects, is developing the West Kamchatka shelf and is participating in the gasification of the region.
The company owns the Komsomolsk Oil refinery, oil and product terminals in Nakhodka and a chain of filling stations.
He said that of this amount $5 billion would be spent on geological exploration. Including investment in the development of the Vankor oil field (Taimyr) which, according to Bogdanchikov, will amount to $6
billion, total Rosneft investment in the east of the country will reach about $14 billion by 2011.
He said that commercial production at the Vankor field would start at the end of 2008 and that the company plans to produce up to 33 million tonnes of oil per year at the field, which will be exported
through the Eastern Siberia-Pacific Ocean pipeline.
"By the time the first phase of the Eastern Siberia-Pacific Ocean pipeline is launched, we will ensure the necessary volume for the pipeline," the Rosneft president said.
He also noted company plans to build a refinery in the Far East, so as to export oil products, rather than crude.
In the Far East, Rosneft is a participant in the Sakhalin-1, Sakhalin-3, Sakhalin-4 and Sakhalin-5 projects, is developing the West Kamchatka shelf and is participating in the gasification of the region.
The company owns the Komsomolsk Oil refinery, oil and product terminals in Nakhodka and a chain of filling stations.
