TASS, June 10. An oil refining complex and a network of gas stations will be built in the Nenets Autonomous Region, Governor Yury Bezdudny wrote on Telegram, adding an agreement was signed at the St. Petersburg International Economic Forum (SPIEF).

"An oil refining complex and a network of gas stations will be built in the Nenets Autonomous Region," he wrote.

The petroleum processing cluster will satisfy local needs and needs of neighboring regions, thus it will diversify the economy - the region would not depend on external supplies of gasoline and diesel fuel. "The Nenets Region needs its own oil refining - this is what both the residents and the current economic conditions say," he added.

Under the project, there will be a network of gas stations to make pricing for key fuels more transparent and to optimize logistics costs, including those related to the northern supplies.

Total investments in the project in 2024 will be more than 20 billion rubles ($225 million).

About the forum

The St. Petersburg International Economic Forum (SPIEF) took place on June 5-8. This year’s theme was "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Events included meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF was organized by the Roscongress Foundation. TASS was the event's information partner.