Rosneft & TMK Ink Steel Supply Pact for Vostok Oil project
Rosneft Oil Company Group’s subsidiary Vostok Oil LLC and TMK PJSC’s subsidiary Sinarastroikomplekt LLC have signed an Agreement on the supply of metal products and related services provision for the implementation of the Vostok Oil project within the framework of the XXIV St. Petersburg International Economic Forum. The signed agreement will ensure uninterrupted integrated supply of metal products, including pipe products, metal structures, reservoir park, and other metal structures for timely construction and installation works at the Vostok Oil project.
In 2020, Rosneft commenced full-field development its Taimyr assets. Vostok Oil will help unlock the unique resource potential of the region. The project implementation will ensure the fulfillment of the tasks set by the President of Russia to increase the cargo flow along the Northern Sea Route. As part of the project, it is planned to drill a large well stock, build power generation facilities with a capacity of about 3.5 GW, three airfields, two sea terminals, 15 camps, and a large-scale upgrade of the Yenisei River infrastructure. Rosneft is constructing an onshore terminal in the North Bay Port to ensure loading of crude oil to tankers.
Vostok Oil is the largest project not only for Russia's but also for the world's economy. Its resource base exceeds 6 billion tons of premium-quality sweet crude oil. The Project envisages creating tens of thousands additional jobs. Implementation of the Vostok Oil Project will give momentum to the development of related economic sectors such as machine building, metallurgy, power generation, road construction, ship building, and will have a significant multiplicative effect.