Russia's budget gains $8bn from Sakhalin-1 project

Russia’s federal budget has received $ 8 billion from the offshore oil and gas development project Sakhalin-1, the CEO of the oil company Rosneft, Igor Sechin said Tuesday in the course of a videoconference led by President Vladimir Putin, who arrived on the island of Sakhalin earlier in the day, Sechin revealed the data while reporting on the performance of the Orlan oil drilling platform, which is anchored in the Sea of Okhotsk in the northern sector of the island’s continental shelf. “I’d like to thank everyone who started work on the Orlan and who brought to the performance results seen today and I’d also like to hope that other companies and your counterparts will follow you example,” Putin said. Sechin also said that Rosneft, Russia’s largest oil corporation plans investing $ 52 rubles in the program for development of the main spheres of its activity in the Far-Eastern regions and territories. More specifically, the corporation will invest 27 bln rubles in the upstream sector /exploration and production/ and 23 bln rubles in the modernization and expansion of refining at the Komsomolsk-on-Amur refinery. Also, about 2 bln rubles will be invested in the assured procurements of oil products. According to Sehicn, Rosneft may invest up to a trillion rubles in the development of Eastern Siberia and the Far East over the next five years of the tariff and taxation policies remain stable. “If you take the conservative scenario of our development, our investments there may get over a mark of trillion rubles in the coming five years,” he said.