Russian company Rosneft is working to set up its huge Vostok Oil project, which could cost an estimated $150bn and produce 1m barrels of oil per day by 2027 if all goes according to schedule.
That could be a threat to the Suez Canal’s oil traffic.
- The data collectors at the firm Kpler reported that in 2020, 39.2 million barrels of oil per day were transported by sea.
- The Suez canal route accounted for 1.74 million barrels per day, or 4.4% of the global total.
This month, the Russian energy producer held meetings with contractors and suppliers, seeking to start shipping oil in 2024 from the project via the Northern Sea Route, part of which runs along the Russian Arctic coast near the North Pole.
The Vostok Oil project – in which commodities trader Trafigura owns a 10% stake, and a consortium of Vitol and Mercantile & Maritime is set to purchase another 5% share – will in
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