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Rosneft invited “friends” to participate in a major oil project in the Arctic

Russian energy giant Rosneft, which is running the multibillion-dollar Vostok oil project in the Arctic region, has invited companies from friendly countries to join.

“The implementation of the project continues within the previously announced schedule. We will be glad to see all our friends, including Socar (an Azerbaijani oil and gas company), among the participants in this project,” the head of Rosneft said. Igor Sechinspeaking at the Verona Eurasian Economic Forum in Baku.

According to Sechin, the Vostok Oil project can meet any growing demand for black gold in the markets of Southeast Asia, India and China.

The official noted that, having made a strategic decision to “turn to the East”, Russia is systematically increasing the supply of energy resources to the Asia-Pacific region. As an example, he cited China and India, countries to which Russian oil exports in 2021 exceeded 80 million tons.

FOR INFORMATION

  • The flagship energy project of Rosneft includes 52 license blocks in the north of the Krasnoyarsk Territory and in the Yamalo-Nenets Autonomous District, where 13 oil and gas fields.
  • Vostok Oil can supply up to 30 million tons of oil via the Northern Sea Route by 2024.

According to the general director of Rosneft, in total the project will provide production, transportation and transshipment of up to 50 million tons of oil per year at the first stage and up to 100 million tons after the completion of the second stage.

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