Japanese companies could play role in Rosneft petrochemicals project in Russia
MOSCOW. March 22 (Interfax) - Japanese companies have an opportunity to take part in the construction of a Rosneft petrochemicals complex in Russia, Deputy Prime Minister Igor Sechin told the press.
"Rosneft plans to build a petrochemicals complex in Vladivostok that will refine Russian crude, with the possibility of exporting product. Japanese partners are expressing interest in the project," Sechin said.
Agreement on Japanese participation might be reached in the near future. "We offered Japan a role in oil refining projects in Russia. We almost reached agreement. So you will find out about that in the very near future," Sechin said.
It was reported late last year that the Rosneft board of directors approved plans to create a petrochemical complex in Primorye with capacity to process 10 million tonnes of oil a year.
The project will be carried out by Eastern Petrochemical Company at an estimated cost of $10 billion. The complex will process 3.5 million tonnes of naphtha and liquefied petroleum gases, 1.5 million tonnes of gas condensate and 5 million tonnes of oil, which will be delivered on Eastern Siberian Pacific Ocean (ESPO) after the completion of Phase 2 of the pipeline project in 2013.
Rosneft held talks with Japanese and Korean companies on their participation in the project. The board of directors is scheduled to vote on the project in the first half of 2011. Construction is slated to begin in early 2012.
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