Oil firm Rosneft to build $14bln petrochemical plant in Far East
Russia`s largest oil producer Rosneft will build a $14 billion petrochemical refinery in the Primorye Territory in the Russian Far East, the regional governor said on Tuesday.
"A total of 20 million metric tons (147 million barrels) of oil a year will be refined in the Primorye Territory," Sergei Darkin, part of a delegation accompanying Russian Prime Minister Vladimir Putin during his visit to Japan, said.
The refinery`s first stage will be put into operation in 2012 and the second in 2017, Darkin said.
"Our country has not built such plants for 40 years and such technology has never been used before," the governor said, adding that the refinery was important, not only for the Primorye Territory but for the whole of Russia`s Far East.
The ongoing global financial and economic crisis has prompted Russia to look for ways to cut its dependence on raw material exports and switch to an innovation-based economy.