OREANDA-NEWS. September 05, 2013. Rosneft President and Chairman of the Management Board Igor Sechin took part in the meeting chaired by the Russian President Vladimir Putin for social and economic development of Primorye Territory as part of his working trip to the Far Eastern Federal District.

Participants of the meeting discussed regional growth rates and implementation of prospective projects. Special attention was given to implementation of one of Rosneft’s largest projects in Primorye Territory – construction of the Far East Petrochemical Company (FEPCO).

By the order of the Russian President, the company studied the possibility to increase the FEPCO capacity from 10 to 30 mln tons of raw hydrocarbons per year. The analysis has showed that implementation of the project will allow Rosneft to bridge a fuel gap in the region and meet the growing demand for fuel for decades to come.

Stable supply to domestic consumers is one of Rosneft’s key operating priorities. Amidst the peak demand, FEPCO will be able to produce over 100,000 tons of gasoline per month. The step-by-step implementation of the project will ensure commissioning of production facilities and inflow of project investments as long as the demand grows in the market. The commissioning of the new oil refining facilities will soon contribute to gasoline cost reduction in the region.

The complex construction will allow Rosneft to create a powerful petrochemical cluster in Primorye Territory, which will boost the development of the national production and create new vacancies. The project implementation will also create a unique opportunity for the export of the Russian end products with high added value to promising Asian markets.

In his comments during the meeting, Igor Sechin said that the Far East was one of the key operating regions for the Company, as Rosneft had all sorts of production facilities there, ranging from geological exploration and production to refining and sales. Igor Sechin emphasized the Company’s commitment to the comprehensive development of the region: FEPCO construction will shape the demand for products offered by other industries (metals, machine building, power sector, etc.) and highly skilled labor force, which will boost the social and economic development of the region and create a considerable multiplier effect in the Russian economy at large. “Additional tax revenues from industries associated with the program are estimated at least at 267.8 bln rubles. Should we deploy only Russian equipment to implement the project, this figure will reach 547 bln rubles,” Sechin said.