Russia’s $118 Billion Arctic oil Project Advances Despite Sanctions
Russia has moved ahead with the first stage of its massive Vostok Oil project in the Arctic, a development estimated at 10 trillion roubles ($118 billion), as state owned oil giant Rosneft seeks to expand production in the country’s Far North despite tighter Western sanctions.
The first stage includes a 790-kilometre pipeline and a new export terminal at Bukhta Sever on the Taimyr Peninsula. The project was formally opened on September 5 when Russian President Vladimir Putin joined Rosneft chief Igor Sechin by video link for the ceremony. Putin described the development as an important event for Russia Arctic region.
Vostok Oil is designed to develop a large group of oil fields in northern Russia and establish infrastructure to transport crude to Arctic export routes. The project is ...








