Russia Based Rosneft has kicked off meetings with foreign contractors and suppliers for its massive Vostok Oil project. The Russian energy producer aims to begin shipping oil from the planned project in 2024 via the Northern Sea Route, an alternative to the Suez Canal which shortens travel to the energy-hungry markets of Asia.
Russia Based Rosneft has met large contractors from Italy, Germany, China, South Korea and Japan as part of its roadshow. Rosneft estimates the project’s resources at 6.2 billion tonnes of oil and plans to build three airfields, two sea terminals, a railway, some 50 vessels and facilities to generate 3,600 megawatts of power. It said it will continue talks with potential contractors and suppliers in Europe and the Middle East.
Vostok Oil, in which global commodities trader Trafigura has a 10% stake, is one of Russia’s biggest oil projects, comparable in size with the exploration of West Siberia in the 1970s or the U.S. Bakken oil region over the past decade.Russia Based Rosneft said it will work with Vestas in wind power, in a move that could mean further progress in the Russian market for the Danish turbine group.
Russia’s largest oil producer announced an agreement on cooperation in wind power generation with Vestas as one of 73 such accords unveiled during the St Petersburg Economic Forum. Rosneft, Russia’s biggest oil company, has few details of any renewable energy strategy on its corporate website. However, the company has previously said that its vast $100bn Vostok oil project in the Arctic will be part-powered by local wind generation.