Therefore, CEO Sechin directed his words to President Putin in a televised meeting: “it is with great pleasure that I inform you of the start of the practical implementation of the project.” According to KPMG, the tax breaks could be worth 2.6 trillion rubles (or $41 billion) over the next 30 years. Companies asked and got a huge tax cut for the explicit purpose of developing the Arctic region. To kickstart the work, a massive incentive was needed. The announcement of the construction operations was done in the presence of President Putin due to the strong support of the Russian state. Shale Is Gaining Influence Over Oil Markets The first ship of its kind was already delivered in June 2020. The new Zvezda shipyard in Russia far east will construct at least 12 ice-class super oil tankers. Furthermore, harbors will need to be built including custom-built ships that can ensure access even during harsh winter seasons when the sea is covered with ice. Rosneft expects the operation to cost $170 billion over a decade that will employ 400,000 workers, create 15 new industrial towns, and build 800 km of new pipelines. The Vostok project is a massive undertaking that stretches across the Russian Arctic shores and covers several production areas such as the Vankor and Payakha clusters. Currently, fossil fuel sales are a third of total exports and provide almost half of the state’s budget. Russia’s share of the Arctic region contains approximately 7.3 billion tonnes of oil and 55 trillion cubic meters of natural gas. However, the region’s massive underdeveloped resources are a big promise for a country that is still highly dependent on revenues from fossil fuel sales. Moving north also means more hardship and higher costs due to the arctic conditions and distance to major industrial and populated areas. The slow but steady depletion of the resources in the region necessitates visionary planning. Decades later, the industry's next step would become the development of the Volga-Ural basin in Western Siberia. As an integral part of the empire, the oil industry lay the foundations for the country's massive industrialization. In the early days, when Tsars ruled the Russian Empire, most of the oil was produced on the shores of the Caspian around the city of Baku in what is now Azerbaijan. CEO Igor Sechin announced the implementation in November 2020 during a working meeting with President Putin. Rosneft's masterplan is the Vostok project that will become the backbone of Russia's oil industry. This means that relentless exploration and production are required to maintain output. The story of Russian oil and gas goes back to the early days of the industry in the 19 th century. Its energy sector is one of the most important in the world where the country shares the number one position interchangeably with the U.S.
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