Japan may invest $14bn in Far Eastern oil projects

Japan is ready to invest $14bn in the implementation of oil projects in the Far East on Russia, Primorye regional governor Sergey Darkin said at a news conference after a trip to Tokyo, according to the Vostok-Media news agency. It is planned to allocate $5bn for constructing an oil pipeline from Angarsk (Southern Siberia) to ports of the Primorye region. Currently, experts of the two countries are working on the feasibility study of the pipeline construction. Darkin emphasized that this pipeline would enable the region to do without transfers from the federal center by 2008.

Japan is also ready to allot $7bn for supplementary exploration of oil deposits in Eastern Siberia and another $2bn for implementing social projects in the Far East. Experts of both countries are discussing the form and methods of attracting these resources.

Additionally, Japan is ready to sponsor the construction of a refinery in the Primorye region. It is important that this refinery will be close to the largest world centers of oil product consumption, which will allow exporting oil products to many countries. The refinery is expected to process up to 10 million tons of oil products. The construction of an oil-loading port and an oil product refinery in the Primorye region is directly linked to the construction of the mentioned pipeline.