"There is premium-quality low-sulfur oil. The sulfur content varies over different areas but generally lies within 0.14 percent. ... Therefore, it is low-sulfur oil that will be in demand in the markets in connection with the introduction of new IMO (International Maritime Organization) standards on the use of low-sulfur marine fuel, ... as well as for blending and improving quality of viscous oils", the spokesman explained, adding that oil produced at Vostok Oil can be sold with a significant premium.
Earlier in the day, Rosneft launched the Vostok Oil project, starting drilling on the Zapadno-Irkinskoye area.
Rosneft plans to build a port in Sever Bay in Taymyr to meet the needs of the project with a capacity of 115 million tons of oil per year, he added.
Vostok Oil is a joint venture between Russia's state-owned Rosneft oil giant and Russian owned private oil producer Neftegazholding to explore oil reserves in the Arctic.
