Plan to massively increase Russian Arctic oil production

RUSSIA / FSU POLITICS - In Brief 16 Feb 2020 by Alex Teddy
On February 11 Igor Sechin visited Putin. They discussed the Vostok oil project. Sechin has been one of Putin's closest friends for almost 30 years.Sechin manages Rosneft, which is state owned. He wants to pump oil out of the north Urals region and send it by pipeline to the Taymyr Peninsula on Russia's northern coast. It will be shipped from there. The plan requires 15 new towns, 2 new airports, a seaport and 800 km of pipeline. 3,500 km of electric cables and 2,000 megawatts of power. This is supposed to create 100,000 jobs and add 2% to GDP. This will then allow a major tax cut.New oil fields are to be exploited including three or more in the Vankor Region. 25 million tons of oil should be shipped through the Northern Sea Route. Treat the statistics cited by Rosneft with skepticism. Businesses tend to over promise and under deliver. This is also true of government projects. These projects invariably come in over budget. President Putin praised the proposal but hinted that it was over optimistic.

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