Russia’s Rosneft invites SOCAR to participate in Vostok Oil project

Head of Rosneft oil company Igor Sechin has invited the State Oil Company of the Azerbaijan Republic (SOCAR) to participate in the Vostok Oil project in northern Krasnoyarsk.

While speaking at the 15th Verona Eurasian Economic Forum in Baku, Sechin noted that the implementation of the Vostok Oil project is underway within the previously announced schedule, Interfax-Azerbaijan reports.

“We will be glad to see our friends, including our colleagues from SOCAR, among the participants in this project,” he said.

Having made a strategic decision to turn to the East, Russia is systematically increasing the supply of energy resources to the Asia-Pacific region, the head of Rosneft said.

“After the development of infrastructure, Russian oil exports to China and India exceeded 80 million tons in 2021. It will be possible to meet any growing needs of the markets of Southeast Asia, India and China while implementing the Vostok Oil project,” he said.

“We strive for mutually beneficial partnerships throughout the entire supply chain beginning from extraction and ending with the sale of fuel to end consumers. Vostok Oil project will ensure long-term stability of the oil market and reduce price volatility, preventing unfavourable energy price hikes,” Sechin explained.

He recalled that a great increase in oil reserves has been confirmed during the comprehensive exploration work on the Vostok Oil project this year.

“This testifies to an increase in the resource base of the Vostok Oil project from 6.2 billion tons to 6.5 billion tons,” Sechin said.

Meanwhile, SOCAR's President Rovshan Najaf said the company will consider Rosneft's offer to participate in the Vostok Oil project.