Rosneft starting new Arctic project

RUSSIA / FSU POLITICS - In Brief 26 Nov 2020 by Alex Teddy
On November 25 Rosneft announced new operations in the Russian Far North. Environmentalists have denounced this. Rosneft's CEO Igor Sechin informed the president in person. Putin recently signed a new law expediting further investments in the Arctic. The two men are very close.A 770 km pipeline and a new port are planned. Sechin said that the company is prospecting for oil.There is a strategic plan for Russian minerals to 2035. The country assumes global demand will rise with a rising population and growing prosperity. A high % of the world population will have cars, plan tickets and electricity, The plan foresees natural gas growing in importance as oil and coal decline.If renewable energy expands and becomes more affordable this will not necessarily be a major headache for Russia. Russia with the vastest land area in the world can capture more wind, wave, hyrdo and solar energy than anywhere else. The Vostok Project is the lynchpin of Russian Arctic development. It unites it with sea route development. Rosneft can use these sealanes to deliver oil to the EU and Asia. 30 million tonnes of oil will be shipped via this route by 2024 according to Sechin. In February 2020 Sechin told the president that Vostok will create a new oil and gas region on the Taymyr Peninsula. This is the northernmost point in Siberia. The project requires a USD 111 billion of investment. 2 airports and 15 towns will be built. It will need 400 000 contruction workers to build all this. 10% of the project has been sold to the Trafigura Group which is Singaporean. The price is undisclosed. 130 000 permanent jobs will be created. It is estimated that 5 billion tonnes of oil are in the region. 100 m...

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