Environment and Energy
Vostok Oil Project Begins Arctic Exports via Northern Sea Route
Rosneft has begun loading crude from the Vostok Oil development onto tankers at the Bukhta Sever terminal on the Kara Sea, with the first cargo loaded onto the 69,000-dwt ice-class tanker Valentin Pikul after President Vladimir Putin formally commissioned the project on September 6. The project, with investment estimated at more than $100 billion and a resource base exceeding 6 billion tonnes of oil, targets as much as 100 million tonnes of annual production and exports, potentially requiring dozens of Arctic-capable tankers on the Northern Sea Route.
