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28 Oct, 2022 07:06

Russia invites ‘friends’ to join Arctic oil mega-project

The venture could help boost energy supplies to the Asia-Pacific region, Rosneft says
Russia invites ‘friends’ to join Arctic oil mega-project

Russian energy giant Rosneft, which is developing the multibillion-dollar Vostok Oil project in the Arctic region, has invited companies from so -called "friendly" countries to join the initiative.

The flagship energy scheme includes 52 licensed areas in the north of Krasnoyarsk Region and in the Yamalo-Nenets Autonomous District, where 13 oil and gas fields are located.

“The project’s implementation continues within the previously announced schedule. We will be glad to see all our friends, including Socar [Azerbaijani oil and gas company], among the participants in this project,” Rosneft CEO Igor Sechin said on Thursday at the Verona Eurasian Economic Forum in Baku.

According to Sechin, the Vostok Oil project could make it possible to meet any growing demand from the markets of Southeast Asia, India, and China. He noted that, having made the strategic decision to “pivot to the East,” Russia is systematically increasing the supply of energy resources to the Asia-Pacific region. Russian oil exports to China and India exceeded 80 million tons in 2021, he said.

Sechin said earlier that Vostok Oil could deliver up to 30 million tons of oil via the Northern Sea Route by 2024. In total, the project will ensure the production, transportation, and transshipment of up to 50 million tons of oil per year in the first stage, and up to 100 million tons when the second stage is completed, according to the CEO.

Russian President Vladimir Putin has called the Vostok Oil project “huge and promising.”

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

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