South West | Materials, extraction

Yury Korchagin deposit development $1bn project

16 Sep '09
Authorities in Astrakhan region intend to present a $1bn project to develop oil and gas Yury Korchagin deposit at Caspian sea at Sochi investment forum, regional officials report.

The project was reportedly initiated by LUKOIL-Nizhnevolzhskneft.

The deposit is the first Russian oil and gas deposit at Caspian sea. The deposit’s annual extraction capacity is 2.3 million tons of oil condensate and 1.2 billion cubic meters of gas.

The 8th International Investment Forum Sochi-2009 is to be held on 17-20 September.
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