Far Eastern Petrochemical Company and Corporation for the Development of the Far East signed the Agreement on the implementation of activities in the priority development area (PDA) at the III Eastern Economic Forum.
Under the Agreement, FEPCO is awarded the status of a resident of Neftekhimichesky PDA. The document envisages the cooperation of the parties subject to the federal law on Priority Development Areas in the Russian Federation in terms of Rosneft implementing the strategic project for the establishment of the FEPCO complex in Primorsky Krai.
The status of the PDA resident will contribute to the fastest implementation of the project, which is to become the foundation for petrochemical sector in the Far East. The complex will help substitute crude export with production of goods with higher added value, as well as support the region’s growing demand for fuels and encourage infrastructure development and concurrent production.
The FEPCO project is an “anchor” for the Neftekhimichesky PDA, the construction site of which is 4 km from the town of Nakhodka. The petrochemical complex will produce a wide branded range of polymeric materials including polyethylene and polypropylene for industrial and household use, as well as for production of medical devices.
