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Vostok Oil will boost Russia's GDP, says Putin

Christian Fernsby |
Russia's massive Vostok Oil project could bolster Russia's presence in the remote Arctic region and boost the country's economy, Russian President Vladimir Putin said on yesterday.

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he Russian leader discussed the multibillion dollar project aimed at developing oil and gas fields and energy infrastructure in the remote northern regions during his meeting with Igor Sechin, CEO of the country's biggest oil company Rosneft, which is responsible for the implementation of the initiative.

"The project is huge and promising. It will increase in the country's GDP as a whole, boost freight traffic along the Northern Sea Route, and, of course, strengthen Russia's position in the Arctic," said Putin.

Vostok Oil can evolve into a huge international project and the company is currently working with Indian and Western investors, according to the head of Rosneft. The project's current resource potential amounts to around five billion tons of oil, but its implementation may require investment of more than 10 trillion rubles ($157 billion). However, the huge investment will eventually pay off, Sechin believes.

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