Rosneft holds road show for Vostok Oil

 Russia's state-owned Rosneft has held a series of roadshow meetings with foreign suppliers and contractors for its Vostok Oil project in the Russian Arctic, the company said on November 9.

Rosneft had 16 meetings with major suppliers and engineering firms from 15 countries in Europe, Asia and the Middle East, it said. In total, more than 760 people from 360 foreign organisations took part in the roadshow, and the company received 60 proposals for cooperation.

Vostok Oil comprises a group of large oil and gas fields mostly in the north of the Krasnoyarsk region. Rosneft predicts that the project will produce oil at a rate of 100mn metric tons annually, or 2mn barrels/day, by the end of the decade. It also wants to develop up to 50mn mt/yr of LNG from its gas reserves.

Rosneft has brought on board Trafigura, Vitol and Mercantile & Maritime as investors at Vostok Oil, with shares of 10%, 5% and 5% respectively. In promoting the project, the company has pointed to the very low sulphur content of its oil, meaning it can sell for more in foreign markets and will result in fewer emissions during processing.