$700M To Be Invested In Sakhalin-1 Project In 2002

About $700 million will be invested in the Sakhalin-1 project in 2002, Economy Minister German Gref announced at a press conference today. The conference was devoted to results of his trip to the Sakhalin region. $1.4 billion are going to be invested in this project in 2006 and $15 billion in 2015. At the same time, the federal budget will receive $7.5 billion. An agreement on investments into the project was reached during negotiations between the Russian side and the project's manager Exxon Neftegaz, a Russian subsidiary to the US Exxon Mobile. The minister noted that according to the agreement, 75 per cent of contractors in this project will be Russian companies.