Rosneft looks to India for funding of Arctic project

04 November 2019

The Indians are from before well represented in northern Siberia. Companies ONGC Videsh Ltd., Oil India Limited, Indian Oil Corporation, and Bharat Petroresources own 49.9% of the joint venture Vankoneft and the latter three also control a major share of the Taas-Yuryakh Neftedobycha, a company that extracts oil in Yakutia.

Now, Rosneft and its leader Igor Sechin push for an expanded engagement of the Indians.

The energy cooperation was high on the agenda during the recent top meeting between Vladimir Putin and Indian Prime Minister Narendra Modi. A few days later, Rosneft leader Sechin paid a visit to New Delhi.

Both parts confirmed their interest in the possible participation of Indian partners in the project Vostok Oil, Rosneft informed following the talks.

According to Rosneft, the Vostok Oil project was high on the agenda. The project includes the development of at least four oil fields in the Vankor area and the building of a 600 km long pipeline to the north coast of Arctic Ocean. The new pipeline and a projected terminal on the Taymyr Peninsula would enable the partners to export up to 25 million tons of oil per year through the Northern Sea Route.

The pipeline can also carry oil from Payakha, the fields located along the Yenisey River, Rosneft says.

The Russian state oil company intends to build a fleet of top ice-class Arc7 tankers for the project and they will all be built at the Zvezda Yard, the company insists.