To a Tee: Rosneft Fulfilling Commitments in Russian Far East Despite Sanctions

Despite the burden of sanctions, Russian energy giant Rosneft is fulfilling its commitments on Russia's Far East shelf to a tee, the company's head said.

BOLSHOY KAMEN (Primorsky Territory), (Sputnik) — Despite sanctions, Rosneft is fulfilling its commitments on 19 licenses on Russia's Far East shelf fully and ahead of schedule, the company's head Igor Sechin said Thursday.

"In the Far East, the company has 19 shelf licenses. Despite various sanctions limitations, we are carrying out the work outlined in these licenses fully, and, moreover, ahead of schedule," Sechin said.

Ties between Russia and the West suffered a severe blow after Crimea became part of Russia in 2014 and the West imposed political and economical sanctions on Russia. The Kremlin has repeatedly refuted the accusations and introduced countermeasures, banning a list of EU products.

 

"In absolute terms, foreign investments attracted by us for Rosneft projects in eastern Russia have surpassed 1.5 trillion rubles ($22.97 billion)," Sechin added.

Russian budget incomes from the Sakhalin-1 project will reach six trillion rubles ($91.9 billion) by 2055, the Rosneft head said.

"According to our estimates, incomes from the Sakhalin-1 project to the Russian Federation's budget will stand at six trillion rubles by 2055," Sechin said. "Overall, in the period up to 2021, the company plans to invest over 130 billion rubles in Far East shelf exploration," he said.