Russia launches project for maritime transport of oil by Arctic route

O vostok Oil project consists of the supply of crude oil through an oil pipeline with several hundred kilometres of extension, from two Siberian deposits, Payaj and Vankorsk, to the Arctic port of Bukta Sever, in the Krasnoyarsk region.

Putin authorized the pumping of the crude to a tanker, which will then sail breaking the ice – in his own words – to the Asia Pacific region or to Europe.

Estimating that 30 million tons of oil could be transported annually by that port terminal, the Russian Head of State congratulated Igor Sechin, the president of Rosneft, the largest oil company in Russia.

“ In this way, Bukta Sever will become the world’s largest northern port,” he said, highlighting the cold temperatures in which participants had to work on the “world-wide” project.

He also recalled that Vostok Oil reserves are estimated at seven billion tons of oil, which makes it “one of the largest oil deposits on the planet.”.

“I insist, it is a great event for the economy of the whole country,” Putin stressed, placing it in the development plans for northern Siberia, the Arctic region and the Russian Far East.

This week, in a speech at the Eastern Economic Forum in Vladivostok, the Russian President ordered the Arctic route to become transitable 12 months a year until 2036.