Rosneft's "Vostochny Oil" project is expected to become a stabilizer in the global energy market

Recently, the 25th St.
Petersburg International Economic Forum Energy Sub-Forum was held in Russia in a combination of online and offline methods, and representatives of enterprises and experts from many countries and regions gathered together to discuss the practical problems and solutions
of global energy.
Rosneft CEO Igor Shechin attended the sub-forum and delivered a keynote speech
.
He said that Russia, with its energy potential and first-class projects such as Vostok Oil, can effectively meet the world's long-term demand for affordable energy resources, which will play an important role
in stabilizing the global economy.

Rosneft's Vostochny project, the world's largest new oil project, has proven reserves of 6.
2 billion tons of liquid hydrocarbons and is expected to act as
a stabilizer for the global energy market.

It is worth mentioning that the oil extracted by the "Orient Oil" project has a unique low sulfur content from 0.
01% to 0.
1%, and the quality is better than Brent oil and Middle Eastern crude oil
.
The oil produced by the project could be greatly reduced, or even completely eliminated, from the need for separate units at the refinery, thereby significantly reducing greenhouse gas emissions
.
At the same time, the project adopts advanced environmental protection technology in the design and production, and strives to achieve high-quality solutions from the drilling stage to the oil pipeline and export tanker, improving production efficiency while ensuring the sustainability
of the project.
The project's "carbon footprint" is understood to be 75 percent
lower than other large new oil projects in the world.

Sechin stressed that the current series of related sanctions fundamentally hinders the "green transition"
of energy.
Although Western countries pay lip service to reducing their carbon footprint, in practice, they are seeking any other source of alternative to Russian energy at all costs, increasing the global carbon footprint
.
Sechin believes that the wanton wielding of sanctions by Western countries led by the United States will break mutual trust and cooperation among countries, bring globalization to a standstill, and shift to regional cooperation
.
Such an international environment will undoubtedly affect the trend of
the global oil market.
In Russia's energy exports, two price systems are emerging: Russia-friendly countries enjoy fair market prices, and unfriendly countries face a premium to reimburse the cost
of defaults caused by sanctions.

Since its inception in 1997, the St.
Petersburg International Economic Forum has gone through 25 years and has become one of
the most important large-scale international economic forums in Russia.
Representatives of the Russian elite, leaders of many countries, including China, and businesspeople attended the forum and conducted in-depth discussions
on a series of issues facing the world under the current situation.