Fareast Rosneft, Russia's largest oil producer, is considering plans to build a large petrochemical refinery on the country's Pacific coast that would be fed by crude from East Siberia, the company said. State-controlled Rosneft would seek approval for the project from its board within the next six to 12 months, should studies now under way prove the project to be viable, CFO Peter O'Brien said. "Market analysis and initial engineering and design work is being completed, upon review of which we will select the optimal configuration for the plant and better understand its likely cost," O'Brien said. Russia, the world's No. 2 oil exporter, is building the ESPO, or East Siberia-Pacific Ocean, pipeline to move oil from huge new fields in East Siberia to Asia, a move that will also diversify Moscow's reach beyond traditional European markets. Oil pipeline monopoly Transneft expects the first phase of the route to be complete by Dec. 25. The second stage, which will extend to the Pacific, is scheduled for completion by 2014. Rosneft did not confirm the size of the project or the investment that would be required.