Russia Opens Massive Vostok Oil Project and Sever Bay Arctic Port
Russia’s massive new oil field in the Arctic, Rosneft’s flagship Vostok Oil, officially began operations on September 5. Underlining the significance of the project, President Vladimir Putin participated in the ceremony via teleconference and gave the order to begin loading the first tanker. Vostok, which encompasses 52 license areas with 13 oil and gas fields, is estimated to have a total reserve of 7 billion tons of oil, making it one of the largest in the world. Rosneft proposed consolidating...
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