ST. PETERSBURG, June 4. /TASS/. The first stage of construction of the Vostok Oil project (flagship project of Rosneft) is expected to be completed in 2024, the project’s director Vladimir Chernov told TASS on the sidelines of the St. Petersburg International Economic Forum, adding that commercial supplies of oil will start.

"The completion of the first stage is planned in 2024. That is why the project will essentially serve as a stabilizing element of the global energy market, as a balancer that will ensure the projected development of markets," he said.

The Vostok Oil project on the Taimyr Peninsula includes the fields of the Vankor group under development, as well as new fields in the north of the Krasnoyarsk Region. Hydrocarbons production at the project is expected to start in 2024 and may be increased to 100 mln tonnes per year at early as the beginning of next decade. In December 2020, Rosneft closed the deal to sell 10% in Vostok Oil to the Swiss trader Trafigura.