29 April 2013 22:20 [Source: ICIS news]
HOUSTON (ICIS)--Rosneft and Mitsui have signed a memorandum of understanding to jointly develop a large petrochemical complex in ?xml:namespace>
The plant, which predominantly will use naphtha as a feedstock, has a planned capacity of 3.4m tonnes/year, with its ethylene and propylene production planned for 2m tonnes/year, the companies said in a press release.
The plant is scheduled to open in 2017.
Financial details of the project were not disclosed.
The Far East Petrochemical Co (FEPCO), a subsidiary of Russia-based Rosneft, is developing the project. It will work with Japan-based Mitsui on the engineering on the complex.
“We are glad to join efforts with one of the leading Japanese companies to develop the largest petrochemical complex in the far east,” said Russian government official Igor Sechin.
“Implementation of the project in cooperation with Mitsui will enable us to optimise the petrochemical complex and use the best global practices of constructing plants of similar scale. Successful implementation of the project will facilitate development of technology intensive production and establishment of a production cluster in the far east," Sechin said.
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