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Vostok Oil implementation to help meet rising demand of Asian markets, says Rosneft CEO

The Vostok oil project includes 52 license blocks in the north of Russia’s Krasnoyarsk region and in the Yamalo-Nenets Autonomous District, where 13 oil and gas fields are located

BAKU, October 27. /TASS/. The implementation of the Vostok Oil project will help meet the rising demand of the markets of India, China and Southeast Asia, as well as ensure the long-term stability of the oil market, Chief Executive Officer of Rosneft Igor Sechin said at the 15th Verona Eurasian Economic Forum in Baku on Thursday.

"The start of implementation of the Vostok Oil project will help meet any rising demands of the markets of Southeast Asia, India and China. We seek mutually beneficial partnership across the chain of supplies from production to sale of fuel to final consumers. Vostok Oil will ensure the long-term stability of the oil market and reduce price volatility, preventing energy price spikes that no one benefits from," he explained.

The Vostok oil project includes 52 license blocks in the north of Russia’s Krasnoyarsk region and in the Yamalo-Nenets Autonomous District, where 13 oil and gas fields are located (already developed fields of the Vankor group and new ones). The resource base of the project is estimated at 6.2 bln tons of liquid hydrocarbons.