Rosneft Head Says Investments In Sakhalin-1 Project Will Exceed $700M

The investments in the Sakhalin-1 project will amount to over $700 million, Sergei Bogdanchikov, head of the Rosneft Oil Company, said during a trip to the Far East. He pointed out that the first oil may be produced within the framework of the Sakhalin-1 project as soon as in 2003. In his view, the start of oil production during the implementation of the Sakhalin projects will allow for the full use of the capacity of the Komsomolsk Oil Refinery, a reduction of the costs of oil transportation as well as for a substantial broadening of the gasoline station network in Khabarovsk and Primorsky Regions, Sakhalin Region and possibly, in Amur and Chita Regions as well. He added that the oil producing sea platform Orlan, purchased by the Sakhalin-1 consortium, would be modernized at the Amur Shipyard, the Rosneft Press Service reported.