19:48 GMT19 January 2021
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    MOSCOW (Sputnik) - Oil from Arctic project Vostok Oil on the Taymyr Peninsula, the development of which started earlier in the day, is expected to be sold at a significant premium in the future, a Rosneft spokesman told reporters.

    "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.

    Tags:
    oil, Arctic, Rosneft, Russia
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