Rosneft Expects to Sell Oil From Arctic Project Vostok Oil With Significant Premium

MOSCOW (Sputnik) - Oil from Arctic project Vostok Oil on the Taymyr Peninsula, the development of which started earlier in the day, is expected to be sold at a significant premium in the future, a Rosneft spokesman told reporters. "There is premium-quality low-sulfur oil. The sulfur content varies over different areas but generally lies within 0.14 percent. ... Therefore, it is low-sulfur oil that will be in demand in the markets in connection with the introduction of new IMO (International Maritime Organization) standards on the use of low-sulfur marine fuel, ... as well as for blending and improving quality of viscous oils", the spokesman explained, adding that oil produced at Vostok Oil can be sold with a significant premium. Earlier in the day, Rosneft launched the Vostok Oil project, starting drilling on the Zapadno-Irkinskoye area. Rosneft plans to build a port in Sever Bay in Taymyr to meet the needs of the project with a capacity of 115 million tons of oil per year, he added. Vostok Oil is a joint venture between Russia's state-owned Rosneft oil giant and Russian owned private oil producer Neftegazholding to explore oil reserves in the Arctic. Read more: https://sputniknews.com/russia/202005121079285667-rosneft-expects-to-sell-oil-from-arctic-project-vostok-oil-with-significant-premium/