![]() ![]() Operations at the Vostok Oil Integrated Project have achieved an active preparatory phase: design and survey work is being performed for high-priority facilities, and experienced highly qualified EPC contractors have been selected for technologically complex facilities.ĭuring the XXIV St. In 2020, Rosneft commenced full-scale development of the project's fields a 10% stake in it was acquired by the large international trader Trafigura. The deployment of advanced environment protection technologies is envisaged already at the design stage of the project, from well drilling to special design of oil pipelines and tankers, which will be used for oil export. We intend to further strengthen our cooperation with Vitol and Mercantile & Maritime which includes the Vostok Oil Project.Įnvironmental friendliness is an important component of the Vostok Oil Project. Definitely, the project is interesting to the companies focused on feedstock supply, trading and logistics with an extensive client base and distribution channels around the world, those that consider the future need for "green" oil supply. The resource potential of the Vostok Oil Project, the high quality of oil and its economic model make the project one of the most attractive targets for investment in the global energy industry, which is confirmed by the strong interest of large world companies in it and the estimates of leading investment banks. In commenting the document signed, Rosneft Chief Executive Officer Igor said: “The agreement is based on our successful long-term cooperation with Vitol and Mercantile & Maritime. The opportunity of commodities supply in two directions at once, to European and Asian markets, is a logistic advantage of Vostok Oil. The high quality of feedstock does not require separate installations at the refineries which will significantly reduce greenhouse emissions of the project. Its resource base is over 6 billion tons of premium low-sulfur crude which has a uniquely low sulfur content, 0.01-0.04%. Vostok Oil is a project with low cost per barrel of production, with a carbon footprint 75% lower than other major new oil projects in the world. Lack of investment in the oil industry, as well as the growth of the world's population and its prosperity, boost the demand for energy resources whereby new types of projects are more and more sought after. It is expected to be closed after the parties receive the required regulatory and corporate approvals. The agreement confirms the Consortium's intention to acquire a stake in the Vostok Oil Project and sets out the main terms of the transaction. (hereinafter, the Consortium) signed heads of terms for a transaction providing for the sale of a 5% stake in the authorized capital of OOO Vostok Oil. ![]()
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