Rosneft still mulls state support of Eastern Petrochemical Company

MOSCOW, Oct 6 (PRIME) -- Russian oil major Rosneft is still in negotiations with the Finance Ministry on reasonable state support to Eastern Petrochemical Company, CEO Igor Sechin said on Wednesday during a meeting chaired by President Vladimir Putin.

“We’ve reported to you about the possibility of implementing a project on the Far Eastern oil refinery. Unfortunately, we are yet to agree on a reasonable regime, which would ensure return on investment with the Finance Ministry. But we have not lost hope, we will continue work,” Sechin said.

In 2019, Rosneft decided to delay the project as it was unprofitable due to the oil tax maneuver. Sechin asked Putin to expand stimulation of production of ethane and liquefied hydrocarbon cases by providing a reverse excise to the projects that use naphtha as crude in 2020, and in January 2021, Putin ordered the government to work out tate support measures together with Rosneft.

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