An agreement on the plant, to produce ethylene and ethylene products from hydrocarbons extracted in the northern part of the Caspian Sea, was reached on Tuesday evening between Stavropol Territory Governor Valery Gayevsky and Alexei Smirnov, the head of the oil giant's petrochemicals arm LUKoil-Neftekhim.
According to the press office, Smirnov said during the meeting that the project would create the largest production complex of its kind in Russia and Eastern Europe, producing 900,000 metric tons of polyethylene and 300,000 metric tons of polypropylene annually, or about 30% of polymers produced in the country.
The construction of the complex would take between four and five years and employ about 1,500 people, the press office said.
