Foreign Investments In Sakhalin Region Reach $55Bln Since Shelf Projects Launch - Governor

Faizan Hashmi Published September 25, 2018 | 03:01 PM

Foreign investments into the economy of the Sakhalin Region, located in the Russian Far East, have amounted to around $55-57 billion since the shelf projects in the region started being implemented, Oleg Kozhemyako, the region's governor, said on Tuesday.

YUZHNO-SAKHALINSK (UrduPoint News / Sputnik - 25th September, 2018) SAKHALINSK, September 25 (Sputnik) - Foreign investments into the economy of the Sakhalin Region, located in the Russian Far East, have amounted to around $55-57 billion since the shelf projects in the region started being implemented, Oleg Kozhemyako, the region's governor, said on Tuesday.

"Foreign investments in the Sakhalin Region's economy have amounted to $55-57 billion during the whole period of the shelf projects' implementation," Kozhemyako said during the "Sakhalin oil and gas" conference, which is currently underway.

Kozhemyako pointed out that companies involved in the projects were actively promoting the region's social development. He cited educational programs launched by Sakhalin Energy, Exxon Neftegas Limited, Gazprom and Rosneft as examples.

"They create special classrooms, they buy equipment in order to organize the schoolchildren's educational process," Kozhemyako said.

According to Kozhemyako, the oil and gas sector revenues are going to be poured into building general educational institutions in the region. A total of 42 new facilities, including schools and kindergartens, are expected to be created in the region by 2024.

"There are projects related to the creation of new surgical departments in the children's and adult regional hospitals, and centers promoting sports development and urban beautification," Kozhemyako said.

The companies operating in the region recognize the importance of this cooperation, which would continue, the governor concluded.

Several joint oil and gas projects have been implemented by Russian and foreign companies in the Sakhalin Region since the mid-1990s � Saklahin-1 and Sakhalin-2. The projects include the development of several oil and gas fields located in the region.