Irkutsk Oil Company INC

Irkutsk Oil Company (INC) includes a group of enterprises engaged in geological study, exploration and production of hydrocarbons at fields and licensed areas in Eastern Siberia.

The company unites about 10 companies engaged in oil production in the Irkutsk region. The holding includes companies engaged in geological study and production of hydrocarbons, drilling and workover operations.

History

2024: Construction of a polymer plant for cars for ₽250 billion

The Irkutsk Oil Company (INC) in December 2024 announced the completion of the construction of the first plant in Eastern Siberia for the production of polymers from its own raw materials. The volume of investments in the project amounted to ₽250 billion, the launch of the enterprise is scheduled for the first half of 2025.

According to Kommersant, the design capacity of the complex will be 650 thousand tons of polymers per year. Currently, the plant is undergoing test tests, during which the production of polyethylene pellets from imported raw materials has already been mastered.

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Freepik

The press service of the INC announced the successful testing of key process systems, including the extruder, recycle gas compressor and circulation gas compressor, required for the polymerization process.

The products of the plant will be used in the automotive industry, medicine and light industry. The enterprise is part of a large-scale chemical project of the company, implemented since 2014, with a total value of ₽450 billion.

8 thousand people work at the construction site, including contractors. After launch, the staff of the enterprise will be 1.6 thousand employees. A new microdistrict of 13 apartment buildings for 3 thousand residents with two kindergartens, a school and a fitness center is being built for workers and their families in Ust-Kut.

The plant will produce polyethylene pellets from ethylene gas produced by INC in its own fields. The first stage of the residential complex for employees of the enterprise will be commissioned in August 2026.

The founder and ultimate beneficiary of the Irkutsk Oil Company is Nikolai Buinov, whose fortune according to data Forbes is estimated at $3.3 billion. In April 2023, the polymer plant was included in the online guide to industrial enterprises. Russia^[1][2]

2023: Helium Plant Launch

The Irkutsk Oil Company (INC) has launched the largest helium plant in Russia at the Yaraktinsky oil and gas condensate field in the Irkutsk Region. CEO Yakov Ginzburg announced this on June 13, 2023.

According to him, the new enterprise is operating in the experimental mode, gradually being brought to the technological mode with a capacity of 10 million liters per year. The technology is unique and has no analogues in the world, Ginzburg said, adding that the new INC plant has become the second and largest in Russia. In total, there are one and a half dozen such enterprises in the world. Earlier, the regional government reported that investments in the INC helium plant would amount to 160 billion rubles, and it was planned to launch it at the end of 2021.

Irkutsk Oil Company (INC) launches Russia's largest helium plant

Helium is widely used in various industries: nuclear power, metallurgy, food industry and medicine. The helium plant was launched as part of the second stage of the gas project to create a gas chemical cluster. He closed the entire technological chain of processing natural and associated gas with the deep extraction of valuable components from them.

Earlier, INC launched five production facilities of the second stage of the gas project: two plants for the preparation and processing of natural and associated gases, two gas fractionation lines of the Ust-Kut Gas Processing Plant (phase I), and also expanded the complex for the reception, storage and shipment of liquefied hydrocarbon gases.

By June 2023, INC is one of the largest independent producers of hydrocarbons in the Russian Federation. The company will introduce geological exploration, exploration and development of 53 subsoil plots in the Irkutsk region, Krasnoyarsk Territory and the Republic of Sakha (Yakutia).^[3]

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