Rosneft to build oil terminal in Far East

The Rosneft oil company is completing the creation of the project of aterminal in Nakhodka (the Far East of Russia) and will start constructingit in January 2003, Rosneft President Sergey Bogdanchikov reported inYuzhno-Sakhalinsk after his trip to the Far East today. According to him,the cost of the new terminal will amount to $92m, including hydrotechnicand land facilities. The terminal will be built in two years.Both oil production and its exports are growing in Russia. This is why theterminal will always be loaded, the president of the company believes.Additionally, according to him, Rosneft is going to gradually reconstruct anew system of high-level oil processing at the Komsomolsky refinery. Thissystem will produce two million tons of oil products..

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