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Joint venture INK-Krasnoyarsk to invest in development of oil and gas sector of Evenkia

15/04/2019

At the end of March 2019, deputy chairman of the regional government A. Tsykalov met with representatives of the Irkutsk Oil Company (INK) and Japanese National Corporation for Oil, Gas and Metals (JOGMEC). 

These companies created a joint venture INK-Krasnoyarsk, which conducts geological exploration for hydrocarbons at 5 license subsoil sites in the north of the Krasnoyarsk region.

As noted by representative of JOGMEC, member of the INK-Krasnoyarsk’s Board of Directors H. Tanamura, the goal is to increase volume of hydrocarbons imports to Japan, actively investing in oil and gas projects. Deputy director of INK E. Milov and director of INK-Krasnoyarsk A. Lukyanov told about plans of the oil company in Evenkia in 2019-2020.

The meeting participants discussed the policy of cooperation between INK-Krasnoyarsk and the region. As part of the new project, INK together with its Japanese colleagues will conduct geological exploration in the Krasnoyarsk region. The amount of the investments at the first stage till 2021 inclusive will be at least $100 million.

According to A. Tsykalov, the region occupies a leading position in the Siberian Federal District in terms of investment in fixed assets. This is the result of state policy in creating conditions for investors to do business. He stressed that within the framework of the regional cooperation it is necessary to use the potential of regional enterprises in the conduct of research, provision of goods, services and equipment.

JOGMEC and INK have extensive experience of the cooperation, but previously it was limited to the territory of the Irkutsk region. The companies agreed to implement the joint exploration project in Eastern Siberia on December 16, 2016 during the visit of the Russian President Vladimir Putin to Japan. The agreement on the joint geological exploration was signed in April 2017. And in September 2017, as part of the Eastern economic forum, INK and JOGMEC signed a framework agreement, which fixed the basic conditions for the cooperation between the parties on the new joint project.

Link to Irkutsk Oil Company Russia country profile   l   Link to JOGMEC Russia country profile

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