Foreign investor to finance development of Taimyr fields

According to the Taimyr (Dolgan-Nenets) autonomous district's administration, an agreement has been reached with a foreign investor on $ 1.5 bn in financing for a project to develop local oil and gas fields. The project provides for the development of more than 40 oil and gas deposits and the building of oil refining facilities.
DeGolyer & MacNaughton and Ernst & Young have made an estimate of local reserves and also drew up a project cost analysis. The first deposit slated for development is believed to hold recoverable reserves of at least 73 mm tons.