Russia’s oil giant Rosneft on Tuesday said it had launched construction works on an oil terminal for its Vostok Oil project in the Arctic, expecting the port to become the country’s biggest oil terminal by the end of this decade. Vostok Oil, in Russia’s Far East, comprises several groups of oil fields holding an estimated 44 billion barrels of oil. Initial work on the project began in January 2021. The total cost of its development has been estimated at $170 billion over the lifetime of the fields. The Vostok Oil project in Russia’s Far North is close to the Northern Sea Route that Rosneft wants to use to ship oil to Asia. Rosneft has also started drilling at the Payyakhskoye field, part of the massive Vostok Oil, the project’s chief executive Vladimir Chernov told Russian media on Tuesday. Rosneft expects oil to start flowing from the field in 2024, […]