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Ciboure may use the Russian Wealth Fund to build the Amur gas complex
A CIBOR board member said on Tuesday that Russia's largest petrochemical producer may turn to Russia's National Wealth Fund to help fund the Amor chemical complex for the planned gas.
After increasing the size of the chemical complex in the Russian Far East, Ciboure expects to invest between ten billion and 11 billion dollars, a rise from initial estimates that were at eight billion dollars at most.
Chinese company Sinopec will hold a 40 percent stake in the complex, which may be completed by 2024.
The National Wealth Fund, which held $ 174 billion on July 1, previously provided Cibor with $ 1.75 billion to finance a petrochemical complex in western Siberia.
Dipitry President Dmitry Konov said the company would not go ahead with plans to build a petrochemical plant in Saudi Arabia in partnership with Total (PA: TOTF) and Saudi Aramco, saying that was futile.
