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EastRussia Bulletin: Rosneft can significantly shift the deadline for input of VNKh - EastRussia | Far East

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EastRussia Bulletin: Rosneft can significantly shift the deadline for input of VNKhK

EastRussia Bulletin: Rosneft can significantly shift the deadline for input of VNKhK
Photo: EastRussia
The timing of the commissioning of the Eastern Petrochemical Complex (VNKhK, the Rosneft project) in Primorsky Krai can be significantly postponed, the latest issue of the EastRussia bulletin says. The reason is the plans of Rosneft to reorient from the production of petroleum products to the production of petrochemical products, taking into account what the company intends to optimize the configuration of VNKhK.

Thus, the first complex of VNKhK can become a petrochemical unit, and oil processing will be transferred to the second start-up complex. It is supposed that ethylene (5-1,6 million tons) and propylene (1,9-0,7 million tons), which are an intermediate raw material for the production of polymers, which in turn have an export potential in the Asian market, can be produced at VNHK from 0,9 million tons of naphtha , especially in China. In this case, VNHK can compete with the Amur gas-chemical complex Sibura, which also expects to supply polyethylene and polypropylene to the People's Republic of China. Nevertheless, Sibur at the Amursky MCC intends to receive products from ethane, which is cheaper than production from naphtha.

As a result of the configuration change, the input of the first stage of the object can be transferred from 2020 year to 2026 year, and the production of oil products, in turn, will be launched in 2029 year. Nevertheless, it should be noted that these terms are not final. The parameters of the project, as well as the timing of its implementation, depend, among other things, on the ability of Rosneft to attract a foreign partner. Earlier, Chinese ChemChina refused to participate in the project in its previous configuration. Currently, a new partner is being searched. The timing of project implementation is also affected by the fact that measures to build the external infrastructure of the VNKhK were not included in the targeted state programs in a timely manner.

Changing the configuration of the project can reduce the need for gas (previously it was estimated at 2,3 billion cubic meters per year for 2021-2023 years), which is beneficial for Rosneft, which is working on the possibility of supplying gas to GNCC from its own sources due to lack of available resources Gazprom.

A detailed analysis of this and other relevant topics can be found in the weekly bulletin EastRussia (https://www.eastrussia.ru/subscribe/).