Russia’s Rosneft begins searching for contractors for its mega-project Vostok Oil | latest news

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Russian energy company Rosneft said Monday (June 7th) that it has started meetings with foreign contractors and suppliers for its massive Vostok Oil project.

The project aims to start exporting oil in 2024 via the Northern Sea Route, an alternative to the Suez Canal that shortens the way to energy-thirsty Asian markets.

Rosneft said it has met with major contractors from Italy, Germany, China, South Korea and Japan as part of its promotional effort for the project.

Rosneft estimates project resources at 6.2 billion tons of oil.

It said it would continue talks with potential contractors and suppliers in Europe and the Middle East.

The Vostok Oil project, in which the global commodity trading company Trafigura holds a 10% stake, is one of Russia’s largest oil projects.

Rosneft said it was seeking to sell stakes in the project to more partners.





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