16 Dec '09
Rosneft president Sergey Bogdanchikov has dismissed rumor some media aired earlier this year regarding the oil company scrapping its $13.9bn Primorsky oil refinery project in Russia’s Far East.
According to Mr. Bogdanchikov, it’s the project commencement that needs further discussion.
The Primorsky oil refinery will reportedly be built on the Pacific coast next to Primorsky Region’s Nakhodka as the terminus of the East Siberia – Pacific (VSTO) oil pipeline.
The cost of the project’s first stage is estimated to be around $4.9bn. It is scheduled for completion in 2013; its planned capacity is up to 20 million tons of oil a year. Phase 2 with a $9bn investment has no timeframes as yet.