Vostok Oil will boost Russia's GDP, says PutinChristian Fernsby ▼ | February 12, 2020
Russia's massive Vostok Oil project could bolster Russia's presence in the remote Arctic region and boost the country's economy, Russian President Vladimir Putin said on yesterday.
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"The project is huge and promising. It will increase in the country's GDP as a whole, boost freight traffic along the Northern Sea Route, and, of course, strengthen Russia's position in the Arctic," said Putin.
Vostok Oil can evolve into a huge international project and the company is currently working with Indian and Western investors, according to the head of Rosneft. The project's current resource potential amounts to around five billion tons of oil, but its implementation may require investment of more than 10 trillion rubles ($157 billion). However, the huge investment will eventually pay off, Sechin believes. ■