Russia has commenced commercial crude oil exports from the Vostok project (Vostok) of Rosneft (Rosneft). This export takes place from the new polar terminal of the project after years of sanctions, the exit of investors, and construction delays.
Export Details
In September 2023, three ice-class tankers loaded approximately 250,000 tons of crude oil from the "Bokhta Suvor" terminal located on the Taymyr Peninsula. Two tankers transported this cargo to "Murmansk" for transfer to other ships, while the third tanker headed towards Asia via the Northern Sea Route. Another tanker is also waiting to be loaded.
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Future Predictions
Industry sources predict that exports from this project will average 150,000 barrels per day this year, which is only 7.5 percent of the 2 million barrels per day projected for Vostok. A significant portion of this initial supply comes from Rosneft's mature "Vankor" fields. Rosneft has stated that the development of northern fields, including "Payakha," could increase exports to about 600,000 barrels per day in the second half of 2027 and to 1 million barrels per day by 2030.
New Export Routes
The Vostok project includes 13 oil fields that collectively hold about 50 billion barrels of low-sulfur oil. A dedicated pipeline, 790 kilometers long, connects this development to Bokhta Suvor, where Rosneft plans to establish a storage facility with a capacity of 100 tanks. Following Western sanctions in 2022, companies "Trafigura" and "Vitol" exited the Vostok project, resulting in the loss of two major international investors. Rosneft had to replace this investment with internal financing and asset sales, causing commercial exports to fall years behind schedule.
Now, these shipments are entering a market where one of Russia's largest customers, India, is buying less Russian crude oil. In August, India reduced its imports of Russian crude oil by 16.5 percent, reaching about 2.1 million barrels per day. Preliminary Kpler data also estimates September exports at 1.9 million barrels per day. A new U.S. sanctions law anticipates tariffs of up to 100 percent on goods from major buyers of Russian oil and gas.
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