"Yamal-Volga" project involves creation of refining plants chain - Mikhail Babich

UFA, 5 June 2015. /Bashinform News Agency, Elvira Latypova/. The "Yamal-Volga" project involves not only transportation of hydrocarbons, but also development of refining facilities. This will allow Russia competing in the global petrochemical markets, it was noted at the meeting on preparations for the project implementation. The meeting was held yesterday in Moscow under the chairmanship of the Russian Presidential Envoy to the Volga Federal District Mikhail Babich. Among the participants were the Head of Bashkortostan Rustem Khamitov, the interim President of Tatarstan Rustam Minnikhanov, the Acting Governor of the Yamal-Nenets Autonomous District Dmitry Kobylkin, Deputy Energy Minister Kirill Molodtsov, representatives of the largest mining and refining enterprises, the management of JSC "Yamal-Volga", the press service of the Main Federal Inspector in the Republic of Bashkortostan.

A protocol of Intent in transportation of petrochemical raw hydrocarbons on Yamal – Volga route was signed between Bashkortostan, Tatarstan and the Yamal-Nenets Autonomous District at the forum "Big Chemistry" in Ufa in May 2012. On January 30, 2013 JSC «Yamal-Volga» was created for the project with an authorized capital of 45 million rubles. The founders were JSC "Regional Fund" (33.3%), the NGO "Regional Innovation Investment Fund" Yamal"(33.3%) and JSC" Nizhnekamskneftekhim"(33.4%).

At present, the project retards due to the fact that its implementation requires significant funds. According to Rupec, the cost of the project at the time of the consortium formation was estimated at 80-120 billion rubles. According to the latest estimates of the Ministry of Energy, it increased to 427.3 billion rubles.