Corrected - Investments in Eastern Petrochemical Company estimated at 1.3 trln rubles
(Correcting cost of second phase of project to 310 billion rubles from 210 billion rubles in 2nd para, name of person cited to Vaynshelboym from Vaynshelboym in lead, 3rd and 4th paras and his position to 'co-chief executive' from 'co-chairman' in lead of story issued at 16:03 Moscow Time on Aug 31)
VLADIVOSTOK. Aug 31 (Interfax) - The volume of investments in the construction of the Eastern Petrochemical Company, a project being pursued by Rosneft, has been estimated at 1.3 trillion rubles, Igor Vaynshelboym, a co-chairman of Renaissance Capital (the project's exclusive consultant), said at a conference dealing with the development of Russia's Far East on Saturday.
The cost of the first phase of the project has been estimated at 380 billion rubles, the second phase at 210 billion rubles, and the third at 630 billion rubles, he said.
"Investments will be made proportionally to demand growth," Vaynshelboym said.
To implement this project, the company should be entitled to breaks on the profit and property tax for investment projects in the Far East, Vaynshelboym said. In addition, he suggested it would be reasonable to allot mineral fields from the undistributed subsurface resources along the Eastern Siberia-Pacific Ocean pipeline system to the project participants.
