Rosneft to Invest 1.2 Billion in Far East Developments

Russia's Rosneft intends to invest about 52 billion rubles (1.2 billion euros) in Far East developments as part of its unveils mid-term plans, reads a note released by the company on Tuesday.

Rosneft President and Chairman of the Management Board Igor Sechin reported to Russian Vladimir Putin on the company operations in the Far East Federal District and mid-term plans to develop offshore projects. 

“Rosneft will invest about 52 billion rubles into Far East development as part of its mainstream activities in 2013 alone,” said Sechin.

The company is working on the construction of the Far East Petrochemical Company and an LNG facility, as well as a large scale modernization of the Komsomolsk refinery and participation in the Sakhalin-1 project.

Last week, the company has started exploring the license areas of East Prinovozemelsky 1 and 2 (the Kara Sea) and began field seismic survey at the license areas of Fedynsky and Central Barentsevsky (the Barents Sea).