MOSCOW, May 22 (RIA Novosti) - Tatneft (RTS: TATN) wants 34.1 billion rubles (about $1.2 bln) from the government's Investment Fund to build oil refineries and petrochemical plants in the Volga region, the energy ministry said Monday.
The Industry and Energy Ministry said it assessed the oil company's $4.8-bln project positively, and said it would facilitate oil refining from deposits in Tatarstan, improve the quality of export oil, and enable production of high-quality import-substituting petrochemical products.
The project, which still has to be approved by a state expert committee to obtain the government subsidies, comprises an oil refinery with an annual capacity of 7 million metric tons of oil, a conversion plant with an annual capacity of 3.5 million tons of fuel oil, and a petrochemical plant for production based on aromatic hydrocarbons and infrastructure.
