The Government Announced the Volume of Investments in the Rosneft Vostok Oil Project
The volume of investments in Vostok Oil in the north of the Krasnoyarsk Territory will amount to 11.8 trillion rubles, follows from the government order. In September, the head of Rosneft, Igor Sechin, estimated the volume of investments at about 12 trillion rubles.
The volume of investments in the creation of a new “oil and gas province” Vostok Oil (the project is being implemented by Rosneft in the north of the Krasnoyarsk Territory) will amount to 11.753 trillion rubles, follows from the government order. This decree approved the implementation plan for the Social and Economic Development Strategy of the Siberian Federal District until 2035. The development of the Vostok Oil field is one of the projects included in this strategy.
In September, the head of Rosneft, Igor Sechin, told President Vladimir Putin that it was planned to invest about 12 trillion rubles in Vostok Oil. “The largest oil and gas project in the world is 6.5 billion tons of oil and about 10 trillion cubic meters of gas,” he noted.
According to the government’s strategy, the creation of a new “oil and gas province”, Vostok Oil, will require 11.753 trillion rubles of investment. The implementation period is 2036. Thanks to it, 83 thousand jobs will be created. Responsible for this project in the government strategy.
RBC sent a request to the press service of Rosneft.
In 2021, Governor of the Krasnoyarsk Territory Alexander Uss estimated the volume of investment in the project at 10 trillion rubles.
In July 2022, oil trader Trafigura announced that it had sold its 10% stake in the Vostok Oil project to Nord Axis Limited, a Hong Kong-registered company. In June, Trafigura decided to withdraw from the project amid sanctions against Russia (the EU sanctions in March last year included Rosneft, Gazprom Neft and the pipeline company Transneft, which were included in the list of the country’s largest oil and gas companies). Trafigura acquired the share of Vostok Oil in 2020 for €7 billion.
Oil trader, the Swiss-Dutch company Vitol, also announced its withdrawal from the Rosneft project last summer. A consortium of Vitol and Mercantile & Maritime Energy (MME) bought a five percent stake in Vostok Oil in 2021. Rosneft estimated its value at €3.5 billion.
