Czech companies Alta a.s. and Moravske Naftove Doly, a.s. will build a $2.4 billion oil and gas refinery in the Sverdlovsk Region in Russia's Urals by 2011, local authorities said on Thursday, RIA Novosti reports.
The enterprise, to be built near the town of Verkhoturye, 306 km (190 miles) north of regional capital Yekaterinburg, is expected to refine 3.5 million metric tons (25.7 million barrels) of crude oil and 3 billion cubic meters of natural gas per year.
"So far, a land plot has been allotted, the plant's technological scheme and feasibility study have been prepared, and a protocol on crude supplies to the refinery has been signed," the regional industry and energy ministry said.
Moravske Naftove Doly is expected to invest 50% of the required sum in the refinery, while the remaining funds will come in the form of a concessional loan from the Czech Export Bank, the ministry said.