Reuters reported in Moscow on September 18 that the Russian Congress Foundation said on Monday that Russia's United Petroleum and Gas Chemical Co., Ltd. (ONGK) and China's Xuanyuan Industrial Development Company have agreed to jointly invest 5 billion yuan (US$686 million) to build an oil transshipment facility in the Russian Far East. Complex facilities.

The Russian parliament signed a financing agreement for the project last week at an economic forum in the Russian Far Eastern city of Vladivostok. Funds will allegedly be raised through Russian and Chinese financial institutions.

The cross-border complex will be built in Russia's Jewish Autonomous Region, near a railway bridge across the Amur River connecting the Russian town of Nizhnininskoye to China.

Roscongress said there will be five large infrastructure units, including a terminal capable of storing, blending and loading up to 5.8 million tonnes of crude oil and a mixture of oil, gas and condensate per year.

The plan also foresees the construction of a warehouse with vertical and horizontal storage tanks to receive, store and distribute up to 1 million tonnes of petroleum products and fuel oil per year. In addition, a refueling complex for LPG transshipment will be built, capable of handling up to 650,000 tonnes of product per year. Editor/Xu Shengpeng