Rosneft Expects to Sell Oil From Arctic Project Vostok

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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.