Home Finance & Markets Rosneft discusses the Vostok Oil project with India

Rosneft discusses the Vostok Oil project with India

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Vostok Oil

The CEO of Rosneft, Igor Sechin, during a meeting with the Minister of Oil and Natural Gas of India, Hardip Singh Puri, discussed the East Siberian Oil project, which is being implemented in the north of the Krasnoyarsk Territory. Puri is in Russia to attend the 6th Eastern Economic Forum (EEF) Summit in Vladivostok, scheduled between September 2 and September 4, 2021

As per Rosneft, Vostok Oil is one of the most promising oil production projects in the world. It includes 52 license areas, within which 13 oil and gas fields are located, including the Vankorskoye field cluster, the Suzunskoye, Tagulskoye, and Lodochnoye fields being developed with the participation of Indian companies, as well as new promising fields with unique reserves: Payakhskoye and Zapadnoe Irkinskoe. The project involved about 6 billion tons of oil. By 2033, the level of production within the framework of the project is planned at the level of 115 million tons of oil. The logistic advantage of Vostok Oil is the ability to supply raw materials from the fields in two directions at once – to the European and Asian markets.

The issues of implementation of joint projects, development of cooperation in the field of oil and gas production, oil refining and petrochemistry, and the sale of hydrocarbons were discussed during the meeting.

Rosneft and Indian joint projects in Russia include Vankorneft, Taas-Yuryakh Neftegazodobycha, and Sakhalin-1.

Rosneft is also a shareholder in Nayara Energy, which operates an oil refinery in Vadinar in Gujarat and a network of filling stations in India. The Indian company has already launched a refinery development program. In the first stage, the company plans to build plants to produce polypropylene with a capacity of up to 450 thousand tons per year. Nayara Energy also plans to expand further the network of filling stations in India – up to 8 thousand in the next three years.

“These projects allowed us to become leaders in investment cooperation between Russia and India. The volume of mutual investments in projects with the participation of Rosneft and Indian companies exceeds $ 17 billion. This is more than half of the total accumulated Russian-Indian investments to date,” said Sechin in a Rosneft release.

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