All news

Investments in Vostok Oil project estimated at $140 billion

The project includes organization of huge infrastructure, including thousands kilometers of pipelines, two aerodromes and a marine terminal

MOSCOW, November 12. /TASS/. Investments in implementation of the Vostok Oil project in the Krasnoyarsk Region’s north are estimated at 10 trillion rubles ($140 billion), the region’s Governor Alexander Uss said on Thursday at the presentation of the Yenisei Siberia regions.

The Yenisei Siberia comprehensive investment project is aimed at implementation of national projects in Khakassiya, Tuva and the Krasnoyarsk Region. It was initiated in late 2017. Russia’s President Vladimir Putin supported the idea in February, 2018. In April, 2018, the regions inked an agreement on cooperation under the project.

"Here (in the north of the Krasnoyarsk Region - TASS), the Rosneft Company plans to implement the country’s biggest project. It is called Vostok Oil. It includes organization of unprecedented infrastructures, including thousands kilometers of pipelines, two aerodromes, a marine terminal <…> According to certain estimations - they are rather accurate - the implementation of this project will require investments of at least 10 trillion rubles," the governor said, adding oil production at the projected capacity would be between 50 and 100 million tonnes a year.

The Vostok Oil project on the Taimyr Peninsula includes existing producing fields of the Vankor cluster as well as new deposits in the Krasnoyarsk Region’s north. The production may begin in 2024 and it will reach the annual capacity of up to 100 million tonnes early next decade. In December 2020, Rosneft closed the deal to sell 10% in Vostok Oil to Switzerland’s Trafigura for €7 billion. In October, 5% of shares in the project were sold to a consortium of Vitol and Mercantile & Maritime.