Rosneft to invest $2.5bn in Sakhalin region

Rosneft, a Russian oil company, is planning to invest nearly $2.5 billion into the development of the social security system of the Sakhalin region over the next three years, according to Sergey Bogdanchikov, President of the company. According to Vostok-Media information agency, the Okhinsk district of the regions will account for RUR460 million (around $14.7 million) that will be allocated over the next three years (RUR140 million - around $4.47 million - in 2002) and will be used for housing, sports facilities and youth center construction, as well as road and park repairs. The district has also been given an additional RUR90 million (around $2.87 million) for the completion of the "Canadian houses" construction. The Nogliksk district of the Sakhalin region will also receive sponsorship financing in the amount of RUR460 million (around $14.7 million) that will be used for completing the construction of housing, the library and central regional hospital (RUR228 million - around $7.28 million), along with road and park repairs.

This year the district will receive RUR130 million (around $4.15 million) of this sum, including RUR60 million for the construction of the central regional hospital. Another RUR30 million (around $0.96 million) will be transferred to the region for church construction that is expected to be completed in September 2002. Rosneft has already transferred $6 million to the Sakhalin region in sponsorship aid designed to provide maintenance for the region's housing and communal facilities and its steam power plant. Additionally, the company plans to invest $20-30 into the construction of the "Gorny Vozdukh" (Mountain Air) international recreation base.

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