Russia Moving Ahead with Vostok Oil Project in Arctic

Russia Moving Ahead with Vostok Oil Project in Arctic

Oct. 28, 2022 (EIRNS)—In his keynote at the Verona Eurasian Economic Forum in Baku, Azerbaijan on Oct. 27, Rosneft CEO Igor Sechin spoke about Russia’s mega Vostok Oil Project. The ambitious project will be a hub for the northern oil fields in the Krasnoyarsk and Yamalo-Nenets regions—13 in total—and encompass the infrastructure needed to take full advantage of the Northern Sea Route for Russia’s growing oil trade.

Sechin referenced the changed geopolitical situation. “Having made the strategic decision to ‘pivot to the East,’ Russia is consistently stepping up energy supplies to the Asia-Pacific region,” he said. Sechin continued that the demand for Russian oil will continue to grow from Southeast Asia, India, and China, and that the Vostok Oil Project will be able to match that demand. The Bukhta Sever port on the Arctic Ocean is also being bolstered as part of the project and will see increases in capacity, from 30 million tons of oil per year, with the goal being 100 million tons in the not-too-distant future.