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2006 October 5   07:46

Rosneft to invest $8 bln in Far East by 2011

   Russian oil company Rosneft plans  to  invest  $8  billion  in its projects in the Far East by 2011, Rosneft  President  Sergei  Bogdanchikov  said  at  the  Far  East Economic Forum in Khabarovsk on Thursday.
    He said that of this amount $5 billion would be spent on geological exploration.  Including  investment in the development of the Vankor oil field (Taimyr)  which,  according  to  Bogdanchikov,  will  amount to $6
billion,  total Rosneft investment in the east of the country will reach about $14 billion by 2011.
     He  said that commercial production at the Vankor field would start at the end  of  2008  and  that  the  company  plans to produce up to 33 million  tonnes  of  oil  per  year at the field, which will be exported
through the Eastern Siberia-Pacific Ocean pipeline.
     "By  the  time the first phase of the Eastern Siberia-Pacific Ocean pipeline  is  launched,  we  will  ensure  the  necessary volume for the pipeline," the Rosneft president said.
     He also noted company plans to build a refinery in the Far East, so as to export oil products, rather than crude.
     In  the  Far  East,  Rosneft  is  a  participant in the Sakhalin-1, Sakhalin-3,  Sakhalin-4  and Sakhalin-5 projects, is developing the West Kamchatka  shelf and is participating in the gasification of the region.
The company  owns the Komsomolsk Oil refinery, oil and product terminals in Nakhodka and a chain of filling stations.

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