Russia's United Oil and Gas-Chemical Co. alongside China's Xuan Yuan Industrial Development have agreed to jointly invest $686 million (€641 million) in construction of a transshipment oil complex in Russia's Far East, Reuters reported.
The complex will facilitate Russia's oil exports to China as Moscow expands its infrastructure to diversify exports of commodities eastward and away from Europe.
The deal to finance the project was signed last week in the far-eastern Russian city of Vladivostok at an economic forum organised by Roscongress.
It said the funds will be raised at Russian and Chinese financial institutions.
Roscongress said there will be five large infrastructure units, including a terminal with a capacity to store, blend and load up to 5.8 million metric tons per year of crude oil and oil and gas condensate mixtures.
The plans also foresee construction of a depot with vertical and horizontal tanks for receiving, storing and dispensing up to 1 million tons a year of petroleum products and fuel oil.
There will also be a gas-filling complex for transshipment of liquefied petroleum gas, which would be able to handle up to 650,000 tons of product annually.
New oil complex to serve Russia and China
