The gas production and processing complex is assumed to be established in Inta

The corresponding agreement was signed today, on the 1st of June, by Sergey Gaplikov, Head of the Republic of Komi and Bogdan Fedorishin, Director General of Timano – Pechorskaya Gasovaya Kompaniya LLC at the 21st St. Petersburg International Economic Forum.

In particular, the agreement validates the parties’ engagement in cooperation aimed at the development of fuel and energy complex of the Republic of Komi through the implementation of the “Construction of the gas production and processing complex in licensed fields of Inta District in 2018-2022” investment project.

Besides, the agreement will serve a basis for filing an application to the Ministry of Economic Development of the Russian Federation for assigning of the Priority Social and Economic Development Area (TOSER) status to Inta Municipality.

“This is a very important event for our republic considering the project implementation in Inta, which is a single-industry city. The gas production and processing complex project in Inta District is laying another stone in the foundation of the new economy of the municipality. I am sure that the special status of TOSER will open the doors for new investors ready to create business and invest in the city development,” Head of the Republic of Komi Sergey Gaplikov noted.

” Timano – Pechorskaya Gasovaya Kompaniya possesses significant assets in Inta District and Komi neighbouring areas. They include new hydrocarbon deposits and promising field. The ​​licensed fields in Inta District exceed 5,000 km2 which creates favorable prerequisites to intensify regional geological exploration and a new oil and gas cluster in the future. Extraction and partial refining of hydrocarbons on-site is stipulated by the company strategic plans. They will ensure regional and republican budgets’ revenues, new jobs creation at new and existing capacities of the basic and auxiliary industries in context of a coal-mining decay in the district. The conclusion of the cooperation agreement between the Government of the Republic of Komi and the company is the first step towards the integration and consolidation of administrative, resource and investment potentials and intentions with a view to effective and mutually beneficial cooperation in the development of both the company and the region,” Bogdan Fedorishin, Director General TPGC LLC said.

By now Timano – Pechorskaya Gasovaya Kompaniya LLC has completed the next stage of exploration in Inta District at No. 24 well. The next exploration stage will be completed by the end of 2017, after which the results of the revaluation of hydrocarbon reserves in licensed areas will be presented. According to experts’ calculations, the development of gas deposits in Inta District may begin as early as 2019-2020.