Lukoil says to build 120 bln rbl gas chemical plant on Caspian Sea

MOSCOW, Feb 5 (PRIME) -- Russian oil company Lukoil will build a 120 billion ruble gas chemical plant on the Caspian Sea, CEO Vagit Alekperov told President Vladimir Putin on Monday.

“We have prepared a new all-encompassing project, this is multi-faceted exploration of the northern Caspian. The pipeline has stretched to a zone near the city of Budyonnovsk by now. We have made an investment decision to build a gas chemical facility there, which will have two businesses, chemicals, the second stage is polyethylene and polypropylene,” Alekperov said.

Alekperov said in mid-January that Lukoil needs state support to build infrastructure for a petrochemical plant on the Caspian Sea and that the estimated amount of investments is up to U.S. $5 billion.

End