Construction of Oil Refinery and Petroleum Loading Terminal near Vyborg, Leningrad Region, to Begin in 2003 - 30 September, 2002

The construction of an oil refinery and a petroleum loading terminal near Vyborg, the Leningrad region, will begin in 2003. This is according to the statement made at a press conference by Valery Serdyukov, Governor of the Leningrad Region. He also said, the new refinery would become operational in 2007 or 2008. The total estimated investment necessary to complete the refinery is USD 1.3 billion. Its annual capacity is supposed to reach 10 million tonnes. Mr. Serdyukov also said, the Tatneft oil company continued considering its possible participation in the project.

The Rosneft and Surgutneftegaz companies expect to complete the feasibility study for the project by the end of this year.