Russia’s New Arctic Oil Development Is A Nightmare

Russia’s New Arctic Oil Development Is A Nightmare

Russia’s national oil company has begun construction on a massive project in the Arctic that officials say will produce 25 million tons of oil each year by 2024.

Andrew H. Sweet
  • Construction ships have been spotted off the coast of the Taymyr Peninsula in Siberia. They have dropped off around 20,000 tons of construction materials to begin building what will be the Arctic’s biggest oil terminal.
  • The project, called Vostok Oil, is owned by Rosneft, is controlled by the Russian government but has several private investors.
  • Rosneft said that it anticipates exporting 25 million tons of oil a year by 2024, 50 million tons by 2027, and 115 million tons by 2030.
  • The area where the terminal is being built is one of the fastest-warming regions in the world. Earlier this year, the Taymyr Peninsula recorded 53.6 degrees Fahrenheit (12 degrees Celsius) warmer than average.

Read the original story here.


Sign in or become a tippinsights member to join the conversation.
Just enter your email below to get a log in link.