Rosneft to invest $5.4 bln to build petrochemical plant in Far East -CEO

VLADIVOSTOK, Russia , Sept 6 Wed Sep 5, 2012 11:01pm EDT

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VLADIVOSTOK, Russia , Sept 6 (Reuters) - Russian oil major Rosneft will invest 173 billion roubles ($5.36 billion) to build a petrochemical plant in the Far East, CEO Igor Sechin said on Thursday.

"Today it (the construction) will start," Sechin told President Vladimir Putin during a presentation of the project in Vladivostok ahead of an APEC summit.

Sechin said the plant will be ready in 2017 to produce 3.6 million tonnes of petrochemical products per year. Sechin said 80 percent of the output will be exported.

Sechin also said that Rosneft will spend 108 billion roubles to upgrade its Komsomolsk refinery also in the Far East.

($1 = 32.3012 Russian roubles) (Reporting by Gleb Bryanski; Editing by Himani Sarkar)

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