Russian energy giant Gazprom Neft has started supplying crude from its Novy Port Arctic oil field to China. The first batch amounting to 144,000 tons of crude was delivered to Yantai port, the company announced.
The tanker route from Murmansk to Yantai crosses the Arctic seas and three oceans, and takes 47 days.
“Successful experience in the sale of Arctic oil in the European market and in-depth insight of Asia-Pacific markets allow Gazprom Neft to offer Novy Port oil with a unique year-round logistics scheme to Asian partners,” said Deputy Director General of Gazprom Neft for Logistics, Processing and Sales Anatoly Cherner.
“Taking into account the company’s plans to expand the geography of Arctic oil supplies, the development of cooperation with buyers in China and other countries of the Asia-Pacific region is of strategic importance for us,” he added.
Gazprom Neft started exporting oil produced in the Russian Arctic in 2013, having delivered more than 40 million tons to European countries. Blend varieties include ARCO (Prirazlomnoye field) and Novy Port (Novoportovskoye field).
With its 250 million tons of reserves, Novy Port oil field is one of the largest oil and gas condensate fields in the Russian Arctic. It is located on the Yamal Peninsula. A new grade of crude called Novy Port is produced at the field.
To supply oil from the Arctic fields, Gazprom Neft uses a unique transport and logistics scheme that ensures year-round export at minimal cost. It includes the Prirazlomnaya oil production platform, the Arctic Gates oil terminal in the Gulf of Ob, a reinforced ice-class tanker fleet, including LNG-fuel vessels, escort icebreakers and an offshore oil shipment terminal in Murmansk. Efficiency and safety is ensured by the world’s first digital Arctic logistics management system, called “Captain.”
For more stories on economy & finance visit RT’s business section