Rosneft Vice President Alexander Sapronov told the International Petroleum Week in London that the refinery will have a capacity of 20 million metric tons of oil a year (401,643 bbl/d).
"We are analyzing the possibility of building a refinery and are making preliminary calculations. We can build the refinery in two stages, each with a capacity of 10 million metric tons a year (200,821 bbl/d)," Sapronov said.
The Eastern Siberia-Pacific pipeline is slated to pump up to 1.6 million barrels per day of crude from Siberia to Russia's Far East, which will then be sent on to China and the Asia-Pacific region.
Sapronov said the company was considering acquiring oil-refining assets in Russia and abroad to bring the volume of refining to 50% of crude output.
It was earlier reported that the refinery will be built at the Yelizarov Cape, close to an oil terminal at Kozmino Bay on the Pacific Coast.
The first leg of the Eastern Siberia-Pacific project, operated by Russian state-owned oil pipeline monopoly Transneft, is expected to be completed in the second half of 2008. It will link Taishet, in the Eastern Siberian region of Irkutsk, to Skovorodino, in the Amur region, in Russia's Far East.
The Kozmino terminal and the Taishet-Skovorodino pipeline, with an annual pumping capacity of 220.5 million barrels, constitute the first leg of the project.
The second leg will involve the construction of a Skovorodino-Kozmino pipeline, to pump 367.5 million barrels per year, and the increase of the Taishet-Skovorodino pipeline's capacity to 588 million barrels.
