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Investments in Vorkuta gas chemical complex estimated at $2.25 billion

According to Minister for Development of the Far East and the Arctic Alexey Chekunkov, the project is an important component in the long-term strategy of the North's economic development

VLADIVOSTOK, September 5. /TASS/. Investments in construction of the Vorkuta gas chemical complex are estimated at 200 billion rubles ($2.25 billion), the Far East and Arctic Development Corporation's press service said.

A cooperation agreement on the Vorkuta Chemical Complex, which will be built in the Russian Federation's Arctic Zone, was signed at the Eastern Economic Forum in Vladivostok.

"The complex's main products will be ammonia and urea, its annual capacity would be 1.2 million tons and 1.7 million tons, respectively," the press service said. "Investments in the project may reach 200 billion rubles, and the project will create up to 2,000 jobs."

According to Minister for Development of the Far East and the Arctic Alexey Chekunkov, the project is an important component in the long-term strategy of the North's economic development. The construction "will breathe new life into Vorkuta and will create conditions to diversify the economy in the city and in the region," the Komi Region's Governor Vladimir Uiba said.

The Eastern Economic Forum (EEF) is underway on the campus of the Far Eastern Federal University in Vladivostok on September 3-6, 2024. The main theme of the EEF in 2024 is "Far East 2030. Combining strengths to create new potential."

The EEF is one of the largest international conferences in Russia. It has been held in the Primorsky Region’s Russky Island in Vladivostok since 2015. The Forum is the initiative of Russian President Vladimir Putin, who decreed that the event be held annually.

The forum's objectives and goals include promoting the accelerated growth of Russia’s Far East region; assessing its potential for exports; expanding international cooperation in the Asia-Pacific Region; showcasing the investment appeal of the region, its steadily progressing territories, and the Vladivostok free port.

The Roscongress Foundation has served as the Forum’s organizer since 2016.

TASS is the general information partner of the EEF.

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