LUKOIL, Russia's largest oil company, plans to start construction of a petrochemical complex in Stavropol Territory in October, President of the company Vagit Alekperov told Russia 24.
About $3 billion will be invested in the facility.
LUKOIL and the Stavropol Territory signed a construction deal worth 112 billion rubles in September 2009. The Stavrolen complex will be built in Budyonnovsk. Alekperov said that the initial producton launch was planned for 2015-2016. The complex will process oil from the North Caspian. The gas pipeline for the complex will have a cap of 5 billion cubic meters of gas annually, 40% of products will be exported.
LUKOIL plans to extract 6 billion cubic meters of gas annually from 3 fields in the Caspian Sea. 2 billion cubic meters will come from the Filanovsky and Korchagin fields, 4 billion from the Sarmatskaya. The factory in Budyonovssk will be connected with Stavrolen. About 6 million tons of oil are expected to come from the Caspian Pipeline Consortium for export.
