09:10 GMT +319 January 2020
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    Russian energy giant Rosneft continues to search for foreign investors for the project to build the Far Eastern Petrochemical Complex (FEPCO), there are proposals from the United States and China, Rosneft CEO Igor Sechin said Thursday.

    NOVOBUREISKY VILLAGE (Russian Far East), (Sputnik) — Last year Russia's oil company Rosneft and China's chemical giant ChemChina inked a deal on Sunday that outlines steps to create the Far Eastern Petrochemical Company (FEPCO). It is assumed that Rosneft's share will be 60 percent, while ChemChina's share will be 40 percent. The operational structure and the funding issues will be determined through further negotiations.

    "We continue to work with foreign investors. We have already signed binding documents with a number of Chinese investors. There are even proposals from the American partners on the petrochemical complex. But from the point of view of integrated approaches, of course, we see the proposals we receive from China as more interesting ones," Sechin said at a meeting on the implementation of major investment projects in Russia's Far Eastern Federal District.

    Rosneft plans to build three stages of the FEPCO. The first and the second stages should be put into operation by 2022, these would be an oil refinery with the crude oil capacity of up to 12.5 million metric tons and additional petrochemical capacity of 3.4 million metric tons. The investments for the two stages are expected to total 796 billion rubles ($13.1 billion).

    investments, FEPCO, Rosneft, Russia
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