Rosneft Expects to Sell Oil From Arctic Project Vostok


Rosneft Expects to Sell Oil From Arctic Project Vostok

Oil from Arctic project Vostok Oil on Taymyr Peninsula, the development of which started earlier in the day, maybe sold at a significant premium in the future, a Rosneft spokesman told reporters.

Earlier in the day, Rosneft launched the Vostok Oil project, starting drilling on the Zapadno-Irkinskoye area.

“There is premium-quality low-sulfur oil. The sulfur content varies over different areas but generally lies within 0.14 percent. … Therefore, it is low-sulfur oil that will be in demand in the markets in connection with the introduction of new IMO [International Maritime Organization] standards on the use of low-sulfur marine fuel.

.. as well as for blending and improving quality of viscous oils,” the spokesman explained, adding that oil produced at Vostok Oil can be sold with a significant premium.

Rosneft plans to build a port in Sever Bay in Taymyr to meet the needs of the project with a capacity of 115 million tons of oil per year, he added.