The execution of projects across four district regions will enable about 14 k new job opportunities
The overall investment in O&G & Chemical projects in the Far East is expected to exceed 3tn RUB, as informed by the media office of the Ministry for Development of Russian Far East.
“The aggregate investments in Oil, Gas & Chemical projects in the Far East will total to more than 3tn RUB. Delivery on these projects in the four far eastern regions is expected to generate some 14 k new employment opportunities”, – the announcement runs. Several projects are already underway, with the rest to be executed within 3 to 5 years, as explained by the Ministry.
As reported by the media office, the Far Eastern Federal District offers the following benefits for projects implementation, to mention a few: the raw material base (The Far East accounts for 27% of gas reserves and 17% of crude oil reserves in the APR), low OPEX, access to sea ports, immediate proximity to major APR markets (China, Japan and Korea), which annually spend $200bn on chemicals. Above all, the government support stipulates for the infrastructure development out of public funds and creation of dedicated PDAs.
“In the longer term, the growth of demand for petrochemicals will exceed the GDP growth, APR countries being the key demand driver”, – the media office cited Mikhail Slavkov, Director of Investment, Export and Investment Promotion Agency.
As was earlier informed, investors in the Far East have announced the implementation of some 11 large-scale projects in the field of oil and gas processing. As reported by Slavkov, the investment projects are roughly distributed in the following groups: those in the Amur region, in the Primorye Territory, and Yakutia.