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Energy

Rosneft begins hunt for contractors for massive Vostok Oil project

2 minute read

The logo of Russia's oil company Rosneft is pictured at the Rosneft Vietnam office in Ho Chi Minh City, Vietnam April 26, 2018. REUTERS/Maxim Shemetov/File Photo

MOSCOW, June 7 (Reuters) - Rosneft (ROSN.MM) has kicked off meetings with foreign contractors and suppliers for its massive Vostok Oil project, the Russian energy producer said on Monday.

It aims to begin shipping oil from the planned project in 2024 via the Northern Sea Route, an alternative to the Suez Canal which shortens travels to the energy-hungry markets of Asia.

It has met large contractors from Italy, Germany, China, South Korea and Japan as part of its road show, Rosneft said.

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 in 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.

Rosneft has said it seeks to sell stakes in the project to more partners. read more

Reporting by Vladimir Soldatkin and Olesya Astakhova; editing by Jason Neely

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