May 12, 2009

Rosneft to build $14 billion refinery

The regional governor of the Primorye Territory in Russia said oil giant Rosneft would build a $14 billion petrochemical refinery in the region.

During a visit to Japan with Russian Prime Minister Vladimir Putin, Gov. Sergei Darkin said the refinery would process a total of 20 million metric tons (47 million barrels) of oil a year, RIA Novosti reported Tuesday.

Our country has not built such plants for 40 years and such technology has never been used before, the governor said.

The modern refinery would be built in two stages with the first stage complete in 2010 and the second stage complete in 2017, said Darkin, who called the refinery a key step forward for the Primorye Territory and for the entire Russian Far East.

The Primorye Territory is bordered by China on the west and the Sea of Japan on the east.