Russian Financial Control Monitor

MOSCOW. Russia’s largest privately owned oil producer, LUKoil, has selected a contractor to build onshore facilities to accept, store, measure and transport up to 8mn metric tons (58.8mn bbl) of market-grade crude produced at its North Caspian oilfields. The winning bidder is NefteGazMontazh, a Moscow-based engineering construction company. The planned onshore facilities were designed by LUKoil’s research and design subsidiary, VolgogradNIPImorneft. The new facilities will be built in Kalmykia, 60 km away from the Caspian shore and close to the Komsomolskaya oil pumping station operated by Caspian Pipeline Consortium. They will be connected with Komsomolskaya through two 530 mm pipeline links.

MOSCOW. Alisher Usmanov’s metal giant Metalloinvest may need up to $6bn to develop the East Siberian Udokan copper deposit, Director General Andrei Varichev said. The project’s feasibility study is to be completed in 2013, he said. “We have a positive decision of Vnesheconombank (VEB), which reads that the project is consistent with the mission, regulations, norms and standards of the lender, but we need to fulfil a number of conditions to receive the funds. The maximum loan period is about 15 years,” Varichev said. The project operator is Metalloinvest’s subsidiary, Baikal Mining Company. Udokan is Russia's largest copper deposit, with estimated ore reserves of 1.375bn metric tons and copper reserves of 19.95mn tons. The deposit also has 11,900 tons of silver reserves.

2023-10-08 11:42:18