India to participate in implementing Vostok Oil project
An important subject of talks between Igor Sechin, Chief Executive Officer of Rosneft, and Dharmendra Pradhan, Minister for Petroleum and Natural Gas of India during the visit of Igor Sechin to New Delhi was Indian companies’ participation in implementing the Vostok Oil project aimed to establish a new world-class oil and gas province on the North of Russian Krasnoyarsk Territory, Rosneft says in a press release.
As Dharmendra Pradhan said, the Indian side has already made a principal decision to participate in the project.
In order to negotiate the terms of Indian companies’ entering Vostok Oil in the shortest time possible the parties agreed to create a regular working group of representatives of Russian and Indian companies.
Vostok Oil’s competitive advantage lies in its proximity to the Northern Sea Route, a unique transport corridor. Its use provides the opportunity to supply crude from the project’s fields in two directions at once - to European and Asian markets. The implementation of the project guarantees that the task to increase the cargo traffic on the Northern Sea Route up to 80 million tonnes by 2024 set by the President of the Russian Federation will be achieved.
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