Irkutsk Oil’s Gas Project Received Status Of Regional Significance
Irkutsk Government’s Investment Committee has recently upheld Irkutsk Oil’s gas project in Ust’-Kut.
This gas processing project has previously been supported by various federal and regional initiatives introduced in 2013-2014. Gaining regional status enables the company to enjoy additional tax preferences.
Irkutsk Oil’s gas project, estimated at 120 billion rubles, has many stages, including the construction of gas processing and polyethylene plants in city of Ust’-Kut. Moreover, the company plans to build a gas-fired power plant to supply electricity and steam for new facilities.
Output of the plants would include LPG, stabilized gas condensate, and linear low-density and high-density polyethylene. Construction is expected to be complete between 2017 and 2019.
Irkutsk Oil’s gas project will have dramatic social and economic effects for the region. It is expected that tax revenues should be at least 63 billion rubles (including 47 billion rubles paid to the regional and local budgets) in 2014-2025. Implementation of the project will create more than 630 jobs, in addition to creating even more positions for supporting jobs and services.
The project will be developed in compliance with the environmental requirements.
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