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Vostok Oil project will boost Russia's GDP & strengthen country's position in the Arctic – Putin

Vostok Oil project will boost Russia's GDP & strengthen country's position in the Arctic – Putin
Russia's massive Vostok Oil project could bolster Russia's presence in the remote Arctic region and boost the country's economy, Russian President Vladimir Putin said on Tuesday.

The Russian leader discussed the multibillion-dollar project aimed at developing oil and gas fields and energy infrastructure in the remote northern regions during his meeting with Igor Sechin, CEO of the country's biggest oil company Rosneft, which is responsible for the implementation of the initiative.

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"The project is huge and promising. It will increase in the country's GDP as a whole, boost freight traffic along the Northern Sea Route, and, of course, strengthen Russia's position in the Arctic," said Putin.

Vostok Oil can evolve into a huge international project and the company is currently working with Indian and Western investors, according to the head of Rosneft. The project's current resource potential amounts to around five billion tons of oil, but its implementation may require investment of more than 10 trillion rubles ($157 billion). However, the huge investment will eventually pay off, Sechin believes.

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"The project will increase the country's annual GDP by two percent," he told the Russian president as he described the construction plans, which include creating 15 fishing towns, two airfields and a port, as well more than 800km of line pipes and an additional 7,000km of in-field pipelines.

For more stories on economy & finance visit RT's business section

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