Irkutsk
Ulan-Ude

Blagoveshchensk
Chita
Yakutsk

Birobidzhan
Vladivostok
Khabarovsk

Magadan
Yuzhno-Sakhalinsk

Anadyr
Petropavlovsk-
Kamchatsky
Moscow

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The construction of the Zvezda Far Eastern shipyard is the only one of the 28 projects of Rosneft, supported by the Ministry of Economic Development

Rosneft has submitted 16 more projects for consideration to the National Wealth Fund for funding. Thus, at the moment, 28 projects are under consideration by the NWF from Rosneft, 17 of which are mining and 11 are processing.

The total cost of investment projects exceeds 1 trillion rubles. As Mikhail Leontyev, a representative of Rosneft, explained: the company only submits projects for consideration, and the government is already deciding where and in what volume to send funds. However, Anton Siluanov, the finance minister, said back in December that the NWF does not have such funds as requested by Rosneft.

The Ministry of Economic Development of the Russian Federation is ready to provide support to one of 28 Rosneft projects from the NWF funds - for the reconstruction of the Zvezda shipyard in the Far East. This project is not the simplest one, since Russia does not have sufficient competence to build such vessels (tankers, gas carriers and drilling platforms). However, it meets a key priority highlighted by Presidents Vladimir Putin at a press conference in December 2014 - economic diversification.

As previously reported in EastRussia, in early September, the European Union banned its members from exporting to Russia materials and equipment that could be used to produce both military and civilian equipment. As a result, the project of modernization of the enterprise is delayed, since the search for replacement equipment takes a certain time.

At the moment, the shipyard has a small load, fulfilling the order for the construction of three auxiliary vessels for Rosneft. Igor Sechin offered to give Zvezda orders for the construction of LNG tankers for NOVATEK. However, the order was given to the South Korean Daewoo because of the advantage of the latter in the experience of building such ships. Thus, now there is a problem of increasing the loading of the Far Eastern shipyard, which is complicated by the departure of Exxon from the Kara Sea and the destruction of plans for the construction of 200 ships.

Also, in connection with the task of diversification, one can consider the statements of Alexei Ulyukaev, the head of the Ministry of Economic Development, in accordance with which he objects to production projects and is also ready to allocate money for the Komsomolsky refinery, a refinery for processing West Siberian oil and one of the main suppliers of oil products to the Far East market.

Turning to the opinions of experts, we find the following opinions. BCS analyst Kirill Tachennikov considers the development of fields in Eastern Siberia to be a priority for loading the ESPO and fulfilling contracts with China, as well as the development of hard-to-recover reserves. The analyst of Sberbank CIB does not agree with him»Valery Nesterovbecause he believes that now is not the best time to invest in hard-to-reach oil. At the moment, with current oil prices, it is wiser to invest public funds in projects announced before the sanctions. Such projects will start producing the first oil in 2-3 years and, accordingly, return investments. “The most profitable fields from Rosneft's projects are Yurubcheno-Tokhomskoye, Russkoye, as well as the Sakhalin LNG project,” said Sergey Vakhrameev, portfolio manager of Ankorinvest Investment Company.

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