OREANDA-NEWS. Speaking at the 2nd Far East economic Forum in Khabarovsk Aleksander Sapronov, vice president of Rosneft, said that Declaration of intention on construction of an eastern refinery at the end-point of ESPO oil pipeline has been drawn up, the Transneft press-service reported. " We have nearly completed a preliminary feasibility study for the eastern refinery and in the short run we will be ready to start works on this project," he declared.

Cape of Elizarov was chosen as a construction site for the eastern refinery that is 3-4 km off the future port in Kozmino Bay (the end-point of ESPO oil main pipeline). According to Sapronov, the implementation of the petroleum refinery project has two stages 10 million tons each, with the first one to be finished by 2012. The refinery construction project costs $5-7 billion. 90 percent of production will be moved for export.

In his turn, Dmitriy Bogdanov, vice president of Rosneft, said that processing of Russian crude to be transported via ESPO oil pipeline is "a priority option of Rosneft". "Loading of the refinery is considered to be more profitable for Russia than the export of crude," he emphasized. "We brought it to notice of the government and are now waiting for the resolution," Rosneft vice president added.