RAS AL-KHAIMAH, December 5. /TASS/. Rosneft plans the first stage of commissioning of the Vostok Oil project in 2026 as the situation on the global oil market is expected to improve, Chief Executive Officer Igor Sechin said.

"2026 will be better, the dynamics will be more positive, which should be taken into account as well. The resource base will deteriorate. Overall the necessity to increase consumption will arise. We plan the first stage of Vostok Oil’s commissioning in 2026," he said at the 17th Verona Eurasian Economic Forum.

Vostok Oil is the flagship project of Russia’s oil major Rosneft. It comprises 52 license areas in Arctic Russia with thirteen oil and gas fields therein.

The resource base of the project exceeds 6.5 bln tons of sweet oil. It is planned to supply 115 mln tons of oil from the project by 2033. The oil terminal in the North Bay Port will provide for oil throughput from project fields for further shipment by tankers along the Northern Sea Route.